Required information Use the following information for exercises 15 to 18 LO P2

Question

Required information Use the following information for exercises 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 $84,000 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Land office equipment Accounts payable Common Stock $11,360 Cash dividends $2,000 14,000 3,550 7,000 760 580 14,000 Consulting revenue 3,250 Rent expense 46,000 Salaries expense 18,000 Telephone expense 8,500 Miscellaneous expenses 84,000 Exercise 1-15 Preparing an income statement LO P2 Using the above information prepare an October income statement for the business

Explanation / Answer

Income statement :

Revenue Consulting revenue 14000 Expenses Rent expenses (3550) Salaries expenses (7000) Telephone expenses (760) Miscellaneous exp (580) (11890) Net income 2110

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