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Use the following information for the Exercises below Algo The following information applies to the...

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Basic Math

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Use the following information for the Exercises below Algo The following information applies to the questions displayed below On December 1 Jasmin Ernst organized Ernst Consulting On December 3 the owner contributed 85 460 in assets in exchange for its common stock to launch the business On December 31 the company s records show the following ite and amounts Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Exercise 1 20 Algo Preparing a balance sheet LO P2 Assets 6 650 Cash dividends 18 650 Consulting revenue Rent expense 4 640 19 560 Salaries expense 46 000 Telephone expense 9 890 Miscellaneous expenses 85 460 Use the above information to prepare a December 31 balance sheet for Ernst Consulting Cash Accounts receivable Office supplies Office equipment Land ERNST CONSULTING Balance Sheet 6 650 Common stock 18 650 4 640 19 560 46 000 Accounts payable Equity Liabilities X S X XX 85 460 85 460 X X 3 490 18 650 4 920 8 500 X 9 890 X 890 700

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