ERNST CONSULTING Income Statement As of October 31 Revenues On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,660 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts receivable 13,800 Consulting revenue Office supplies Land Office equipment 17,710 Telephone expense Accounts payable 8,230 Miscellaneous expenses Common Stock $ 1,760 13,800 3,210 6,690 870 680 $12,040 Cash dividends 2,990 Rent expense 45,940 Salaries expense 83,660