Cash Accounts receivable Office supplies Land Office equipment Accounts payable Dividends $ 25,350 Consulting fees earned 22,340 Rent expense 5,230 Salaries expense 43,990 Telephone expense 19,980 Miscellaneous expenses 10,660 Common stock 5,980 $ 26,980 9,530 5,590 850 500 101,700 Exercise 2-16 Preparing an income statement LO C3, P3 Use the above information to prepare an August income statement for the business. HELP TODAY Income Statement