Question
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,470 in assets in exchange for its common stock to launch
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,470 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$9,750Cash dividends$2,530Accounts receivable15,600Consulting revenue15,600Office supplies3,710Rent expense4,070Land45,970Salaries expense7,450Office equipment18,450Telephone expense810Accounts payable8,900Miscellaneous expenses630Common Stock84,470
The question wants me to fill out an income statement for October 31.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Principles of Financial Accounting chapters 1-17
Authors: John Wild, Ken Shaw, Barbara Chiappetta
23rd edition
1259687740, 1259687747, 978-1259687747
