On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,360 in assets in exchange for i
ts common stock to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 7,010 Cash dividends $ 3,390 Accounts receivable 18,350 Consulting revenue 18,350 Office supplies 4,480 Rent expense 4,820 Office equipment 19,360 Salaries expense 8,370 Land 46,040 Telephone expense 910 Accounts payable 9,740 Miscellaneous expenses 720 Common stock 85,360
Since these both are on the same hour we'll ignore the 5. We end up having :35 and :52. We'll subtract 35 from 52 which gives us 17. The answer to this is 17 minutes.
