Cash $12,040 Cash dividends $ 1,760 Accounts receivable 13,720 Consulting revenue 13,720 Office supplies 2,990 Rent expense 3,210 Land 45,940 Salaries expense 6,690 Office equipment 17,710 Telephone expense 870 Accounts payable 8,230 Miscellaneous expenses 680 Common stock 83,660 Exercise 1-16 Preparing a statement of retained earnings LO P2 Using the above information prepare an October statement of retained earnings for Ernst Consulting. ERNST CONSULTING Statement of Retained Earnings