s web Sice Gallery 1 Homework Required information The follo

s web Sice Gallery 1 Homework Required information The following information applies to the questions displayed below On October 1, Ebony Ernst organized Emst Consulting on October 3, the owner contributed $83.010 in assets in exchange for its common stock to launch the business. On Ocsober 3t, the company\'s records show the following items and amounts. Office supplies Aocounts payable Using the above information prepare an October income statement for the business

Solution

Income Statement Revenues Consulting fees earned 11,000 total revenues 11,000 expenses Salaries expene 5,780 Rent expense 2,530 Telephone expense 790 Miscellaneous expense 610 total expense 9,710 Net income 1,290