On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,390 in assets in exchange for its common stock to launch the business. On October 31, the companys records show the following items and amounts.

Cash	$	13,210		Cash dividends	$	1,460
Accounts receivable		12,300		Consulting revenue		12,300
Office supplies		2,720		Rent expense		2,950
Land		45,910		Salaries expense		6,290
Office equipment		17,350		Telephone expense		830
Accounts payable		7,970		Miscellaneous expenses		640
Common Stock		83,390

Using the above information prepare an October income statement for the business.

ERNST CONSULTING
Income Statement
For Month Ended October 31
Revenues
Consulting revenue	$12,300
Office equipment	0
	0
Total revenues		$12,300
Expenses
Miscellaneous expenses	(640)
Rent expense	(2,950)
Telephone expense	(830)
Salaries expense	(6,290)
	0
	0
Total expenses		(10,710)
Net income		$1,590