DEF Consulting (Partnership of David, Eva, and Frank):

• Revenue: $700,000
• Cost of Goods Sold (COGS): $0 (service-based)
• Rent Expense: $30,000
• Salaries and Wages: $300,000
• Office Supplies: $10,000
• Utilities Expense: $8,000
• Other Operating Expenses: $20,000
• Interest Expense: $3,000
• Other Income: $5,000
• Income Tax Expense: $70,000

Prepare the profit and loss account and calculate the net income for DEF Consulting.