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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 companys records show the following accounts and amounts for the month of August. $ 25,390 C. Camry, Withdrawals 22,390 Consulting fees earned Cash Accounts receivable Office supplies Land Office equipment Accounts payable 5,280 Rent expense 44,030 Salaries expense 20,030 Telephone expense 10,580 Miscellaneous expenses $ 6,030 27,020 9,580 5,630 900 540Use the above information to prepare an August income statement for the business. HELP TODAY Income Statement 0

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Answer #1

HELP TODAY

Income statement

For the month ended August 31

Revenues

Consultancy fees earned

$     27,020.00

Operating expenses

Rent expense

$       9,850.00

Salaries expense

$       5,630.00

Telephone expense

$           900.00

Miscellaneous expense

$           540.00

Total Operating expenses

$     16,920.00

Operating income

$     10,100.00

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