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 $83,850 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 Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock $11,580 Cash dividends 14,000 Consulting revenue 3, 140 Rent expense 46,000 Salaries expense 17,820 Telephone expense Ana Miscellaneous expenses 83,850 $ 1,890 14,000 3,390 6,860 880 690 Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement Revenues Consulting revenue $ 14,000 $ 14,000 Total revenues Expenses Salaries expense Rent expense Telephone expense Miscellaneous expenses 6,860 3,390 880 690 Total expenses Net income 11,820 2,180 $ 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 $83,850 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 Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock $11,580 Cash dividends $ 1,890 Consulting 14,000 14,000 revenue 3,140 Rent expense 46,000 salaries expense 6,860 17,820 Telephone expense 880 3,390 Miscellaneous 690 8,400 83,850 expenses Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet Assets Cash $ 8,400 receivable Office supplies Land Office equipment Liabilities $11,580 Accounts payable 14,000 3,140 46,000 Common stock 17,820 84,140 84,140 Total equity Total liabilities and 92.540 equity Total assets I $ $ 92,540