Exercise 1-15 Preparing an income statement On October 1, Ebony Ernst organized

Q: Exercise 1-15 Preparing an income statement On October 1, Ebony Ernst organized

Solution: Income Statement - Ebony Ernst For period ended October 31 Particulars Amount Consulting Revenue $14,000.00 Operating Expenses: Rent Expense $3,550.00 Salaries Expense $7,000.00 Telephone Expense $760.00 Miscellenous Expense $580.00 Net Income $2,110.00

ID: 2407884 • Letter: E

Question

Exercise 1-15 Preparing an income statement On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 in assets to launch the business. On October 31, the company's records show the following items and amounts. Use this information to prepare an October income statement for the business. P2 ..$2,000 Cash Accounts receivable. Office supplies Land.... Office equipment Accounts payable. Owner investments $11,360 14,000 3,250 46,000 18,000 8,500 84,000 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense.. Telephone expense Miscellaneous expenses . 14,000 3,550 7,000 760 580 heck Net income, $2,110

Explanation / Answer

Solution:

Income Statement - Ebony Ernst For period ended October 31 Particulars Amount Consulting Revenue $14,000.00 Operating Expenses: Rent Expense $3,550.00 Salaries Expense $7,000.00 Telephone Expense $760.00 Miscellenous Expense $580.00 Net Income $2,110.00

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Exercise 1-15 Preparing an income statement On October 1, Ebony Ernst organized

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