Question

Please answer with explanations

c. Owner made no withdrawals during the year, but the owner did invest an additional $55.000 cash d. Owner withdrew 51.250 cash per month for personal use, and the owner invested an additional $35,000 cash. Exercise 2-16 Preparing an income statement C3 P3 Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August. Use this information to prepare an August income statement for the business. Cash Accounts receivable.... Office supplies....... Land Check $10.470 $25.360 Office equipment..... 22.300 Accounts payable...... . 5.250C Camry Withdrawal... 44,000 Consulting fees carned . $20,000 10.500 5,000 27,000 come Rent expense ............ Salaries expense ......... Telephone expense. Miscellaneous expenses 99.5 5,000 360 520

Answer 1

$ 27,000 Help Today Income Statement For the Month Ended August 31 Revenues: Consulting Fees Earned Expenses Rent Expense 9,550 Salaries Expense 5,600 Telephone Expense 860 Miscellaneous Expenses 520 Total Expenses Net Income $ $ 16,530 10,470