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 $83,010 in assets to launch the business. On October 31, the company's records show the following items and amounts. $ 930 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Cash $14,890 Accounts receivable Office supplies Land 12,820 2,290 45,960 12,820 2,530 5,780 Office equipment Accounts payable Owner investments 16,900 7,670 83,010 Telephone expense Miscellaneous expenses 790 610
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 $83,010 in assets to launch the business. On October 31, the company's records show the following items and amounts. $ 930 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Cash $14,890 Accounts receivable Office supplies Land 12,820 2,290 45,960 12,820 2,530 5,780 Office equipment Accounts payable Owner investments 16,900 7,670 83,010 Telephone expense Miscellaneous expenses 790 610
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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 $83,010 in assets to launch
the business. On October 31, the company's records show the following items and amounts.
Cash
Cash withdrawals by owner
Consulting revenue
Rent expense
Salaries expense
Telephone expense
Miscellaneous expenses
$14,890
12,820
2,290
930
Accounts receivable
12,820
2,530
5,780
Office supplies
Land
45,960
16,900
7,670
83,010
Office equipment
Accounts payable
790
610
Owner investments
Using the above information prepare an October income statement for the business.
ERNST CONSULTING
Income Statement](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe46867b-8e32-4051-86e0-c12e0211534e%2F76ef851b-3d74-4bee-bd54-d1e175d306dc%2Fqyc738_processed.png&w=3840&q=75)
Transcribed Image Text: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 $83,010 in assets to launch
the business. On October 31, the company's records show the following items and amounts.
Cash
Cash withdrawals by owner
Consulting revenue
Rent expense
Salaries expense
Telephone expense
Miscellaneous expenses
$14,890
12,820
2,290
930
Accounts receivable
12,820
2,530
5,780
Office supplies
Land
45,960
16,900
7,670
83,010
Office equipment
Accounts payable
790
610
Owner investments
Using the above information prepare an October income statement for the business.
ERNST CONSULTING
Income Statement
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