[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,780 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $15,760 12,590 1,960 46,030 16,580 7,250 82,780 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 640 12,590 2,270 5,450 760 580
[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,780 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $15,760 12,590 1,960 46,030 16,580 7,250 82,780 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 640 12,590 2,270 5,450 760 580
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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 $82,780 in assets to launch
the business. On October 31, the company's records show the following items and amounts.
Cash
Accounts receivable
Office supplies
Land
$15,760
12,590
1,960
46,030
16,580
7,250
82,780
Cash withdrawals by owner
Consulting revenue
Rent expense
Salaries expense
Telephone expense
Miscellaneous expenses
640
12,590
2,270
5,450
760
580
Office equipment
Accounts payable
Owner investments](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc5f2ec32-bb00-431c-981a-9196588026c3%2F69001773-4d31-4e64-9419-1bd0d591e7f1%2F02aat1_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 $82,780 in assets to launch
the business. On October 31, the company's records show the following items and amounts.
Cash
Accounts receivable
Office supplies
Land
$15,760
12,590
1,960
46,030
16,580
7,250
82,780
Cash withdrawals by owner
Consulting revenue
Rent expense
Salaries expense
Telephone expense
Miscellaneous expenses
640
12,590
2,270
5,450
760
580
Office equipment
Accounts payable
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%2Fc5f2ec32-bb00-431c-981a-9196588026c3%2F69001773-4d31-4e64-9419-1bd0d591e7f1%2Frtzqg6n_processed.png&w=3840&q=75)
Transcribed Image Text:Using the above information prepare an October income statement for the business.
ERNST CONSULTING
Income Statement
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