The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,110 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	$	14,550		Cash dividends	$	1,120
Accounts receivable		12,940		Consulting revenue		12,940
Office supplies		2,400		Rent expense		2,640
Land		45,860		Salaries expense		5,920
Office equipment		17,020		Telephone expense		800
Accounts payable		7,820		Miscellaneous expenses		620
Common stock		83,110

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

ERNST CONSULTING Statement of Retained Earnings Accounts payable Accounts receivable Cash Cash dividends ERNST CONSULTING Statement of Retained Earnings Add: Dividends Add: Net income Add: Net loss ERNST CONSULTING Statement of Retained Earnings IIIIIIIIIIIIIII Less: Dividends Less: Net income Less: Net loss ngs Accounts payable Accounts receivable Cash Cash dividends