Required information Use the following information for Exercises 16-18 below. (The following information applies to the questions displayed below.) Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August. $ Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock 25,400 Dividends 22,410 Consulting fees earned 5,300 Rent expense 44,040 Salaries expense 20,050 Telephone expense 10,500 Miscellaneous expenses 102,400 $ 6,040 27,040 9,590 5,640 920 550 Exercise 2-16 Preparing an income statement LO C3, P3 Use the above information to prepare an August income statement for the business. HELP TODAY Income Statement 0 Exercise 2-17 Preparing a statement of retained earnings LO P3 Use the above information to prepare an August statement of retained earnings for Help Today. The Retained Earnings account balance at August 1 was $0. Hint: Net income for August is $10,340. HELP TODAY Statement of Retained Earnings Exercise 2-18 Preparing a balance sheet LO P3 Use the above information to prepare an August 31 balance sheet for Help Today. HELP TODAY Balance Sheet Total equity