Question

[The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $82,780 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. Retained earnings, October 1 as $0. Cash Accounts receivable office supplies Land office equipment Accounts payable Common stock $15,760 12,599 1,960 46,030 16,580 7,250 82,789 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 640 12,590 2,270 5,450 760 580 Exercise 1-15 Preparing an income statement LO P2 Using the above information prepare an October income statement for the business Answer is not complete. ERNST CONSULTING Income Statement For Month Ended October 31 Consulting revenue $ 12,590 Total revenues S 12,590 Salarios expense Rent expense Telephone expense Miscellaneous expenses OOOO Pray 1 2 3 of 3 Next
it appears that a step is missing.

Answer 1

ERNST CONSULTING Income Statement For Month Ended October 31 Revenue Consulting revenue $12,590 S12,590 Total revenues Expesnes Salaries expense Rent expense Telephone expense Miscellaneous expense $5,450 $2.270 $760 $580 Total operating expenses Net Income $9,060 $3,530