On October 1, Ming Lue organized a new consulting firm called Tech Today. On October 31, the company’s records show the following items and amounts. Use this information to prepare an October income statement for the business.

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Cash Accounts receivable. $ 8,360 M. Lue, Withdrawals... $ 3,000 17,000 Consulting fees earned ..... 17,000 Office supplies 3,250 Rent expense 4,550 Patents.... 46,000 Salaries expense 8,000 Office equipment 18,000 Telephone expense 560 Accounts payable 8,000 Miscellaneous expenses 280 M. Lue, Capital 84,000