Chapter 1, Problem 15E

To determine

Concept Introduction:

Income Statement: The income Statement is also known as the profit and loss account. The income Statement is a financial statement that reports the effects of transactions over a period of time or say, it reflects the financial performance in the form of net profit or (loss) i.e., how much the business earns or how much loss it incurred after meeting all the expenses.

To prepare: The income statement of Ebony Ernst for the month of October 31.