Question

Please according to the selection to complete the empty blank

[The following information applies to the questions displayed below.) 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 accounts and amounts for the month of August. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Dividends $ 25,300 Consulting fees earned 22,310 Rent expense 5,190 Salaries expense 43,960 Telephone expense 19,940 Miscellaneous expenses 10,800 Common stock 5,940 $ 26,940 9,490 5,550 800 460 101,200

Answer 1

Income statement

Particulars	Amount($)	Amount($)
Revenue:
Consulting Fees earned		26940
Expenses:
Rent expense	9490
Salaries expense	5550
Telephone expense	800
Miscellaneous expense	460
Total expenses		(16300)
Net Income		10640

Note:

Net Income

=Revenue-expenses

Retained earnings

Particulars	Amount($)
Retained earnings,August 1	0
Add:
Net income	10640
	10640
Less:
Dividends	(5940)
Retained earnings,August 31	4700

Balance Sheet

Assets	Amount($)	Liabilities	Amount($)
Cash	25300	Accounts payable	10800
Accounts receivable	22310	Shareholders Equity:
Office supplies	5190	Common stock	101200
Land	43960	Retained earnings	4700
Office equipment	19940
Total assets	116700	Total liabilities	116700

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