Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

its one question with multiple parts. thank you Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized

its one question with multiple parts. thank you
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,390 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Using the above information prepare a December income statement for the business. Using the above information prepare a December income statement for the business. Un vecember 1 , jasmin trnst organized trnst Lonsuiting. Un vecember s, the owner controuted s,sy in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. sing the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on ecember 1 was $0. Jse the above information to prepare a December 31 balance sheet for Ernst Consulting. Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,390 in assets in exchange for its common stock to launch the business. On December 31 , the company's records show the following items and amounts. Also assume the following: a. The owner's initial investment consists of $37,480 cash and $45,910 in land in exchange for its common stock. b. The company's $17,350 equipment purchase is paid in cash. c. Cash paid to employees is $1,040. The accounts payable balance of $7,970 consists of the $2,720 office supplies purchase and $5,250 in employee salaries yet to be paid. d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash. e. No cash has yet been collected on the $13,320 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.) ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers $ 0 Cash flows from investing activities Cash flows from financing activities Cash balance, December 1 Cash balance, December 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Walter B. Meigs, A. N. Mosich, Robert F. Meigs

2nd Edition

0070412901, 978-0070412903

More Books

Students explore these related Accounting questions

Question

3. Use the childs name.

Answered: 3 weeks ago