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 $84,310 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. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $10,200 15,200 3,550 45,990 18,310 8,740 84,310 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,340 15,200 3,910 7,350 790 610 Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement For Month Ended October 31 Revenues Consulting revenue 15,200 Total revenues $ 15,200 Rent expense Salaries expense Telephone expense Miscellaneous expenses (3,910) (7,350) (790) (610) Total expenses Net income (12,660) 29,590 $