for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 7,520 17,950 4,310 46,000 19, 190 9,600 85,160 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,190 17,950 4,728 8,220 900 710 Jsing the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement Revenues Consulting revenue $ 18,000 $ 18,000 8.220 Total revenues Expenses Salaries expense Rent expense Telephone expense Miscellaneous expenses 4.720 900 710 Total expenses Net Income 14,550 3,450 $