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what is incomplete ? Required information [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting; on October
what is incomplete ?
Required information [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,050 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 7,950 17,450 4,200 46,010 19,060 9,430 85,050 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,070 17,450 4,530 8,090 880 690 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet As of October 31 Assets Equity $ Land 85,050 190 Office equipment Accounts receivable Cash 46,010 (Common stock 19,060 Retained earnings 17,450 Total equity 7,950 4,200 Accounts payable 85,240 Liabilities 9.430 Office supplies Total liabilities 94,670 Total liabilities and equity 9,430 94,670 $ $ Total assets Step by Step Solution
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