prepare an income statement from the information given On Oc

prepare an income statement from the information given. On October 1st, Ebony Ernst organized Ernest Consulting; on October 3rd, the owner contributed $84,780 and assets to launch the business. on October the 31st, the company\'s records show the following items and amounts listed in photo ( Cash $8,990 , Accounts Receivable $14740, Office supplies 3930, Land 45980, Office Equipment $18,660, Accounts Payable $9,170 Owner Investment $84,780, Cash withdrawals by owner $2,830, Consulting Revenue $14,740, Rent Express $4,300, Salaries Expense $7,740, Telephone Expense $850, and Miscellaneous Expenses $670.

Chapter 1 Homework Saved Help Save & Exit Check m 3 Use the following information for exercise 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 $84,780 In Pert 1 of 3 assets to launch the business. On October 31, the company\'s recolds show the following items and amounts 20 paints 2,83e 14,740 4,380 7,748 858 678 Cash s 8,99 Cash withdrawals by Accounts receivable 14,748 Consulting revenue Office supplies Land Office equipment 18,66 Telephone expense Accounts payable Owner investments 84,788 eBook 3,938 Rent expense 45,98 salaries expense Print 9,17 Miscellaneous expenses Type here to search

Solution

ERNEST CONSULTING Income Statement For the month Ended October 31 Consulting Revenue $14,740 Expenses Rent Expense $4,300 Salaries Expense $7,740 Telephone Expense $850 Miscellaneous Expense $670 Total Expenses $13,560 Net Income $1,180