Dominick Lopez operates a consulting firm called Tech 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. Use this information to prepare an August income statement for the business.
Cash | $ 8,360 | Dividends | $ 3,000 |
Accounts receivable | 17,000 | Consulting fees earned | 17,000 |
Office supplies | 3,250 | Rent expense | 4,550 |
Land | 46,000 | Salaries expense | 8,000 |
Office equipment | 18,000 | Telephone expense | 560 |
Accounts payable | 8,000 | Miscellaneous expenses . | 280 |
Common Stock | 84,000 |
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