0, Ex 1170 Help Save&ExitSubmit; Check my Required information Use the following
ID: 2409977 • Letter: 0
Question
0, Ex 1170 Help Save&ExitSubmit; Check my Required information Use the following information for exercises 15 to 18 LO P2 The following information applies to the questions displayed below On October 1, Ebony Emst crganized Ernst Consulting; on October 3, the owner contributed $85.360 in assets in exchange for its common stock to launch the business. On October 31, the companys records show the following tems and amounts ividends Accounts receivable18.500 Coosulting revene Oftice supplies otfice equipnent 60 Telephose Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Emst Consulting Prev 1of1 Next ?Explanation / Answer
Balance sheet :
Net income = 18500-4820-8370-910-720 = 3680
Retained earnings = 3680-3390 = 290
Assets Amount Liabilities & Stockholder's equity Amount current assets Current liabilities Cash 7010 Account payable 9740 Account receivable 18500 Office supplies 4480 Total current assets 29990 Total current liabilities 9740 Non current assets Stockholder's equity Land 46040 Common Stock 85360 Office equipment 19360 Retained earnings 290 Total non current assets 65400 Total Stockholder's equity 85650 Total Assets 95390 Total Liabilities & Stockholder's equity 95390Related Questions
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