Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 companys records show the following items and amounts.

image text in transcribed

$ 9,750 Cash dividends 15,600 Consulting revenue 3,710 Rent expense 45,970 Salaries expense 18,450 Telephone expense 8,900 Miscellaneous expenses 84,470 $ 2,530 15,600 4,070 7,450 Cash Accounts receivable Office supplies Land Office equipment Accounts payable 810 630 Common Stock Using the above information prepare an October income statement for the business ERNST CONSULTING Income Statement

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions