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At the beginning of September, Jorge Rodriguez started Rodriguez Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information. Cash Accounts Receivable Office Supplies Office Equipment Accounts Payable Jorge Rodriguez, Capital, September 1, 20x1 Fees Income RODRIGUEZ WEALTH MANAGEMENT CONSULTING Income Statement Month Ended September 30, 20X1 Advertising Expense Salaries Expense Telephone Expense Withdrawals Prepare an income statement for the month of September 20X1. Revenue Accounts payable Fees income Expenses Advertising expense Telephone expense Jorge Rodriguez, Capital Salaries expense Supplies Total expenses $ 27,700 4,900 108,500 65,700 17,700 $ 134,100 17,700 15,300 $ $ 24,500 313,300 151,700 24,500 108,500 313,300 27,700 65,700 4,900 37,700 224,500 $ (513,300)

At the beginning of September, Jorge Rodriguez started Rodriguez Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information. Cash Accounts Receivable Office Supplies Office Equipment Accounts Payable Jorge Rodriguez, Capital, September 1, 20x1 Fees Income RODRIGUEZ WEALTH MANAGEMENT CONSULTING Income Statement Month Ended September 30, 20X1 Advertising Expense Salaries Expense Telephone Expense Withdrawals Prepare an income statement for the month of September 20X1. Revenue Accounts payable Fees income Expenses Advertising expense Telephone expense Jorge Rodriguez, Capital Salaries expense Supplies Total expenses $ 27,700 4,900 108,500 65,700 17,700 $ 134,100 17,700 15,300 $ $ 24,500 313,300 151,700 24,500 108,500 313,300 27,700 65,700 4,900 37,700 224,500 $ (513,300)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of September, Jorge Rodriguez started Rodriguez Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information: - Cash: $134,100 - Accounts Receivable: $17,700 - Office Supplies: $15,300 - Office Equipment: $151,700 - Accounts Payable: $24,500 - Jorge Rodriguez, Capital, September 1, 20X1: $108,500 - Fees Income: $313,300 - Advertising Expense: $27,700 - Salaries Expense: $65,700 - Telephone Expense: $4,900 - Withdrawals: $37,700 ### Income Statement Preparation Below is the income statement for the month of September 20X1 for Rodriguez Wealth Management Consulting: #### Income Statement **Month Ended September 30, 20X1** **Revenue** - **Accounts payable**: $24,500 - **Fees income**: $313,300 **Expenses** - **Advertising expense**: $27,700 - **Telephone expense**: $4,900 - **Jorge Rodriguez, Capital**: $108,500 - **Salaries expense**: $65,700 - **Supplies**: $17,700 **Total expenses**: $224,500 **Net Income**: $(513,300) --- ### Explanation of Tables and Data: The table contains financial information for Rodriguez Wealth Management Consulting, breaking down the income and expenses for the firm. The income statement section includes revenue sources such as accounts payable and fees income. Expenses cover advertising, telephone, capital, salaries, and supplies. The total expenses are calculated, with a final net income of $513,300 (in parentheses indicating negative net income).
Transcribed Image Text:At the beginning of September, Jorge Rodriguez started Rodriguez Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information: - Cash: $134,100 - Accounts Receivable: $17,700 - Office Supplies: $15,300 - Office Equipment: $151,700 - Accounts Payable: $24,500 - Jorge Rodriguez, Capital, September 1, 20X1: $108,500 - Fees Income: $313,300 - Advertising Expense: $27,700 - Salaries Expense: $65,700 - Telephone Expense: $4,900 - Withdrawals: $37,700 ### Income Statement Preparation Below is the income statement for the month of September 20X1 for Rodriguez Wealth Management Consulting: #### Income Statement **Month Ended September 30, 20X1** **Revenue** - **Accounts payable**: $24,500 - **Fees income**: $313,300 **Expenses** - **Advertising expense**: $27,700 - **Telephone expense**: $4,900 - **Jorge Rodriguez, Capital**: $108,500 - **Salaries expense**: $65,700 - **Supplies**: $17,700 **Total expenses**: $224,500 **Net Income**: $(513,300) --- ### Explanation of Tables and Data: The table contains financial information for Rodriguez Wealth Management Consulting, breaking down the income and expenses for the firm. The income statement section includes revenue sources such as accounts payable and fees income. Expenses cover advertising, telephone, capital, salaries, and supplies. The total expenses are calculated, with a final net income of $513,300 (in parentheses indicating negative net income).
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