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Required information Use the following information for exercises 15 to 18 LO P2 [The following information applies to the questions displayed below.] On October 1,
Required information
Use the following information for exercises 15 to 18 LO P2
[The following information applies to the questions displayed below.]
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,200 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 | $ | 10,710 | Cash dividends | $ | 2,180 | |
Accounts receivable | 14,800 | Consulting revenue | 14,800 | |||
Office supplies | 3,450 | Rent expense | 3,750 | |||
Land | 46,030 | Salaries expense | 7,160 | |||
Office equipment | 18,170 | Telephone expense | 780 | |||
Accounts payable | 8,630 | Miscellaneous expenses | 600 | |||
Common Stock | 84,200 |
Using the above information prepare an October income statement for the business
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