Question

In: Accounting

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,220 in...

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,220 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.  

Cash $ 13,840 Cash dividends $ 1,280
Accounts receivable 12,000 Consulting revenue 12,000
Office supplies 2,530 Rent expense 2,770
Land 45,840 Salaries expense 6,120
Office equipment 17,200 Telephone expense 820
Accounts payable 7,810 Miscellaneous expenses 630
Common Stock 83,220

Using the above information prepare an October income statement for the business.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,220 in...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,220 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.   Cash $ 13,840 Cash dividends $ 1,280 Accounts receivable 12,000 Consulting revenue 12,000 Office supplies 2,530 Rent expense 2,770 Land 45,840 Salaries expense 6,120 Office equipment 17,200 Telephone expense 820 Accounts payable 7,810 Miscellaneous expenses 630 Common Stock 83,220 Using the...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,890 in...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,890 in assets to launch the business. On October 31, the company’s records show the following items and amounts. Cash $ 15,140 Cash withdrawals by owner $ 830 Accounts receivable 12,720 Consulting revenue 12,720 Office supplies 2,110 Rent expense 2,380 Land 46,010 Salaries expense 5,620 Office equipment 16,780 Telephone expense 780 Accounts payable 7,360 Miscellaneous expenses 600 Owner investments 82,890 Using the above information prepare an...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,050 in...
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.   Cash $ 7,950 Cash dividends $ 3,070 Accounts receivable 17,500 Consulting revenue 17,500 Office supplies 4,200 Rent expense 4,530 Land 46,010 Salaries expense 8,090 Office equipment 19,060 Telephone expense 880 Accounts payable 9,430 Miscellaneous expenses 690 Common Stock 85,050 Also assume...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 in...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 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. Cash $ 11,360 Cash dividends $ 2,000 Accounts receivable 14,000 Consulting revenue 14,000 Office supplies 3,250 Rent expense 3,550 Land 46,000 Salaries expense 7,000 Office equipment 18,000 Telephone expense 760 Accounts payable 8,500 Miscellaneous expenses 580 Common Stock 84,000 Using the...
Major consulting firms such as Accenture, Ernst & Young Consulting, and Deloitte & Touche Consulting employ...
Major consulting firms such as Accenture, Ernst & Young Consulting, and Deloitte & Touche Consulting employ statistical analysis to assess the effectiveness of the systems they design for their customers. In this case, a consulting firm has developed an electronic billing system for a Stockton, CA, trucking company. The system sends invoices electronically to each customer’s computer and allows customers to easily check and correct errors. It is hoped the new billing system will substantially reduce the amount of time...
On October 1, 2017, Aster Turane organized a computer service company called Aster Systems.Aster is organized...
On October 1, 2017, Aster Turane organized a computer service company called Aster Systems.Aster is organized as a sole proprietorship and will provide consulting services, computer system installations, and custom program development.Aster Systems has adopted the calendar year for reporting, and expects to prepare the company's first set of financial statements as of December 31, 2017.The initial chart of accounts for the accounting system includes these items: Account Number Account Name Account Number Account Name 101 Cash 301 Aster Turane,...
Below are the transactions for September. September 1                 The owner contributed $20,000 to the business to...
Below are the transactions for September. September 1                 The owner contributed $20,000 to the business to start the operations. September 2                 Purchased a fully equipped hotdog cart for $15,000. Paid $5,000 upfront and put the remainder of the balance on account. September 3                 Purchased hotdogs, sodas and consumable supplies for $500. September 3                 Purchased 3 months of advertising services from the HB Times newspaper for $300. September 4                 Sold $200 worth of hot dogs to customers for cash. September...
Case Study Description - Payment Time Case Study Major consulting firms such as Accenture, Ernst &...
Case Study Description - Payment Time Case Study Major consulting firms such as Accenture, Ernst & Young Consulting, and Deloitte & Touche Consulting employ statistical analysis to assess the effectiveness of the systems they design for their customers. In this case, a consulting firm has developed an electronic billing system for a Stockton, CA, trucking company. The system sends invoices electronically to each customer’s computer and allows customers to easily check and correct errors. It is hoped the new billing...
Problem 1-04A Skysong Inc., a provider of consulting services, was founded on October 1, 2022. At...
Problem 1-04A Skysong Inc., a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, the company decided to prepare an income statement, retained earnings statement, and balance sheet using the following information. Accounts payable $ 3,700 Supplies $ 2,650 Interest expense 350 Supplies expense 360 Equipment (net) 48,000 Depreciation expense 260 Salaries and wages expense 2,800 Service revenue 19,540 Bonds payable 21,800 Salaries and wages payable 590 Unearned service revenue...
On 1 October 20X9, the owner of the USS Enterprise, Mr Kirk, decided that he will...
On 1 October 20X9, the owner of the USS Enterprise, Mr Kirk, decided that he will boldly go and keep his records on a double entry system. His assets and liabilities at that date were: £ Fixtures and equipment                                            20,000 Stock including weapons                                          15,000 Balance at Universe Bank                                        17,500 Cash                                                                           375 Creditors – Spock                                                     3,175 – Scott                                                                         200 – McCoy                                                                     500 Kirk’s transactions during October were as follows: 1.      Sold faculty phasers, original cost...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT