31 Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement 01:36:37 Revenues Consulting revenue $ 14,160 Total revenues $ 14,160 780 Expenses Telephone expense Salaries expense Rent expense Miscellaneous expenses 7,160 3,750 600 Total expenses Net income 12,290 1,870 $ 31 Required information (The following information applies to the questions displayed below. 8 01:36:13 On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,200 in assets 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 Accounts payable Owner investments $10,710 14,160 3,450 46,030 18,170 8,630 84,200 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,180 14,160 3,750 7,160 780 600 Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement Revenues Consulting revenue $ 14,160