16 6 Help Required information Use the following information for exercises 15 to

Question

16 6 Help 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 Ernst organized Ernst Consulting: on October 3, the owner contributed $83,540 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 $12,650Cash dividends 1,570 12,800 3,110 12,800 Consulting revenue Accounts receivable office supplies 2,850 Rent expense Land office equipment Accounts payable 850 17,530 Telephone expense 8, 110 Misce1laneous expenses Stock 83,540 Exercise 1-16 Preparing a statement of retained earnings LO P2 Using the above information prepare an October statement of retained earnings for Ernst Consulting. ERNST CONSULTING 1 of 1 Next > Prev

Explanation / Answer

ERNST CONSULTING Statement of Retained Earnings For Month Ended October 31 Retained earnings, Oct. 1 0 Add: Net income 1,690 =12800-3110-6490-850-660 1690 Less: Dividends 1,570 Retained earnings, Oct. 31 $120

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