Required information

[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 in assets in exchange for its common stock to launch the business. On October 31, the companys records show the following items and amounts. Retained earnings, October 1 as $0.

Cash	$	9,390		Cash dividends	$	2,650
Accounts receivable		16,020		Consulting revenue		16,020
Office supplies		3,830		Rent expense		4,190
Land		45,980		Salaries expense		7,570
Office equipment		18,550		Telephone expense		830
Accounts payable		9,060		Miscellaneous expenses		650
Common stock		84,580

Using the above information prepare an October statement of retained earnings for Ernst Consulting.

ERNST CONSULTING
Statement of Retained Earnings
For Month Ended October 31selected answer correct
Retained earnings, October 1
Add: Net income
	0
Less: Dividends
Retained earnings, Oct. 31	$0