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Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On A companys records show th
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Answer:

HELP TODAY Balance Sheet August 31 Assets Liabilities 25,370 Accounts Pavable 22/B70 10,540 Cash Accounts Receivable Office S

Calculation:

Net Income = Revenue - Expenses

Revenue = Consulting Fees earned = $27,010

Expenses = Rent Expenses + Salaries Expense + Telephone Expense + Miscellaneous Expense

Expense = $9,570 + $5,620 + $880 + $530 = $16,600

Net Income = $27,010 - $16,600

Net Income = $10,410

Retained Earnings, August 31 = Retained Earnings, August 1 + Net Income - Dividend

Retained Earnings, August 31 = $0 + $10,410 - $6,020

Retained Earnings, August 31 = $4,390

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