Do not give solution in image BookPrinterencesCawExercise 1-20 (Algo) Preparing a balance sheet LO P2Use the above information to prepare a December 31 balance sheet for Ernst Consulting.AssetsCashAccounts receivableOffice suppliesOffice equipmentLand$ERNST CONSULTINGBalance Sheet7,520 Accounts payable17,9504,31019,19046,000 Common stockRetained earningsLiabilitiesEquityProv$Se9,6009,60085,16021085,37010‒‒‒ CashAccounts receivableOffice suppliesOffice equipmentLandAccounts payableCommon stockERNST CONSULTINGStatement of Retained EarningExercise 1-19 (Algo) Preparing a statement of retained earnings LO P2Using the above information prepare a December statement of retained earnings for Ernst Consulting.December 1 was $0.Retained earnings, December 1Add: Net incomeLess: DividendsRetained earnings, December 31$$ 7,520Cash dividends17,950Consulting revenue4,310Rent expense19,190 Salaries expenseTelephone expense46,0009,600 Miscellaneous expenses85,160$03,400$ 3,19017,9504,7208,2209007103,4003,190210

The financial statements of the business are prepared using the adjusted trial balance of the…

Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 7,520 Cash dividends 17,950 Consulting revenue Rent expense 4,310 19,190 Salaries expense 46,000 Telephone expense 9,600 Miscellaneous expenses 85,160 $ 3,190 17,950 4,720 8,220 900 710 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting December 1 was $0.

Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 7,520 Cash dividends 17,950 Consulting revenue Rent expense 4,310 19,190 Salaries expense 46,000 Telephone expense 9,600 Miscellaneous expenses 85,160 $ 3,190 17,950 4,720 8,220 900 710 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting December 1 was $0.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter24: Analysis Of Financial Statements

Section: Chapter Questions

Problem 3SEB

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