apter 2 Saved On October the business. On October 31, the company\'s records sho

Question

apter 2 Saved On October the business. On October 31, the company's records show the following items and amounts. 1 Ebony Ermst organized Ernst Consulting, on October 3, the owner contributed $84,000 in assets to launch Cash $11,360 Cash withdrawals by owner Accounts receivable 14,800 Consulting revenue office supplies Land Office equipment18,600 Telephone expense Accounts payable Owner investments 84,000 14,000 3,550 7,000 760 3,258 Rent expense 46,800 Salaries expense 8,500 Miscellaneous expenses 58 Using the above information prepare an October 31 balance sheet for Emst Consulting ERNST CONSULTING Balance Sheet As of October 31 Assets Liabilities Cash Land Office equipment Office supplies Accounts receivable S 11,360 46,000 18.000 3.250 14,000 payable 8,500 Equity Total assets 92,610 Total labilities and equity S 8500

Explanation / Answer

ERNST CONSULTING Balance Sheet As of October 31 Asset Amount($) Liabilities Amount($) Cash 11,360 Accounts Payable 8,500 Land 46,000 Office Equipment 18,000 Office Supplies 3,250 Equity Amount($) Account Receivables 14,000 Capital                   84,000 Less: Drawings   (2,000) Add:Profit(Note1) 2,110 84,110 Total assets 92,610 Total Liabilities and Equity 92,610 Note 1: Calculation of Profit or Loss for the year. Particulars Amount($) Consulting Revenue 14,000 Less: Rent Expense -3,550 Less: Salaries Expense -7,000 Less: Telephone Expense -760 Less: Miscellaneous Expense -580 PROFIT 2,110

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