Question

ter 1H X Pearson eT x E Untitled do Маcro Hoп X x6 Register | P X E Chapter 1. x New Tab ect.mheducation.com/flow/connect.html mework O Saved Help Save (The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,200 in assets 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 Owner investments $10, 710 14, 160 3, 450 46, 030 18,170 8, 630 84, 200 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2, 180 14, 160 3,750 7,160 780 600 Using the above information prepare an October income statement for the business.

Answer 1

Ernst Consulting

Income Statement

Particulars	Amount	Amount
Revenues;
Consulting Revenue	$14,160
Total Revenue		$14,160
Expense;
Miscellaneous Expanse	$600
Rent Expense	$3,750
Salaries Expense	$7,160
Telephone Expense	$7,80
Total Expense		$12,290
Net Income		$1,870