Required information

Use the following information for the Exercises below. (Static)

Skip to question

[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On December 31, the companys records show the following items and amounts.

Cash	$ 11,360	Cash dividends	$ 2,000
Accounts receivable	14,000	Consulting revenue	14,000
Office supplies	3,250	Rent expense	3,550
Office equipment	18,000	Salaries expense	7,000
Land	46,000	Telephone expense	760
Accounts payable	8,500	Miscellaneous expenses	580
Common stock	84,000

Exercise 1-19 (Static) Preparing a statement of retained earnings LO P2

Required information

Use the following information for the Exercises below. (Static)

Skip to question

[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On December 31, the companys records show the following items and amounts.

Cash	$ 11,360	Cash dividends	$ 2,000
Accounts receivable	14,000	Consulting revenue	14,000
Office supplies	3,250	Rent expense	3,550
Office equipment	18,000	Salaries expense	7,000
Land	46,000	Telephone expense	760
Accounts payable	8,500	Miscellaneous expenses	580
Common stock	84,000

Exercise 1-19 (Static) Preparing a statement of retained earnings LO P2

Required information

Use the following information for the Exercises below. (Static)

Skip to question

[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On December 31, the companys records show the following items and amounts.

Cash	$ 11,360	Cash dividends	$ 2,000
Accounts receivable	14,000	Consulting revenue	14,000
Office supplies	3,250	Rent expense	3,550
Office equipment	18,000	Salaries expense	7,000
Land	46,000	Telephone expense	760
Accounts payable	8,500	Miscellaneous expenses	580
Common stock	84,000

Exercise 1-19 (Static) Preparing a statement of retained earnings LO P2

Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0.