Required information Use the following Informetion for exercises 15 to 18 LO P2

Question

Required information Use the following Informetion for exercises 15 to 18 LO P2 [The following Information applies to the questions displayed below On October 1, Ebony Ernst organized Ernst Consulting; on October 3. the owner contributed $85.360 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 Cash Accounts receivable Office supplies Land Office equipment account payable Common Stoch 7,010 Cash dividends 18, 500 Consulting revenue 4480 Rent expense 46,040 alaries expense 19,360 Telephone expense 9, 740 Miscellaneous expenses 85, 360 $ 3,390 18,500 4, 820 B,370 910 720 Exercise 1-15 Preparing an income statement LO P2

Explanation / Answer

Answer:

ERNST Consulting

INCOME STATEMENT

Revenues:

Consulting fees earned

18500

Total revenues

18500

Expenses:

Salaries expense

8370

Rent expense

4820

Telephone expense

910

Miscellaneous expense

720

Total expenses

14820

Net Income

3680

ERNST Consulting

INCOME STATEMENT

Revenues:

Consulting fees earned

18500

Total revenues

18500

Expenses:

Salaries expense

8370

Rent expense

4820

Telephone expense

910

Miscellaneous expense

720

Total expenses

14820

Net Income

3680

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