6· 2.00 points On October 1, Keisha King organized Real Answers, a new consultin

Question

6· 2.00 points On October 1, Keisha King organized Real Answers, a new consulting firm; On October 3, the owner contributed $71,805 cash. On October 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock 11,000 Cash dividends 21,000 Consulting fees eamed 23,375 Rent expense 46,000 Salaries expense 8,000 Telephone expense $ 2,000 23,000 4,140 9,200 760 580 71,805 Using the above information prepare an October income staterdent for the business. Income Sta tement For Month Ended October 31

Explanation / Answer

Income Statement for the month ended Oct 31 :

Revenues: Consulting Fees Earned $23000 Total Revenues $23000 Less: Expenses : Rent $4140 Salaries 9200 Telephone 760 Miscellaneous 580 Total Expenses 14680 Net Income $8320 Less: Cash dividends (2000) To Retained Earnings $6320

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