On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launchthe business. On October 31, the company's records show the following items and amounts.CashCash withdrawals by owner$ 1,570$12,65013,520Accounts receivable13,520Consulting revenueRent expense2,8503,110Office suppliesLand45,940Salaries expense17,530Telephone expenseOffice equipmentAccounts payable6,490850660Miscellaneous expenses8,11083,540Owner investmentsUsing the above information prepare an October income statement for the business.ERNST CONSULTINGIncome Statement

Name: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, t
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Description: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launchthe business. On October 31, the company's records show the following items and amounts.CashCash withdrawals by owner$ 1,570$12,6501

The income statement is an essential part of the financial statements of the company. It is prepared…

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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash $12,650 Cash withdrawals by owner $ 1,570 13,520 13,520 Accounts receivable Office supplies Land Consulting revenue Rent expense 2,850 3,110 45,940 Salaries expense 17,530 Telephone expense Office equipment Accounts payable 6,490 850 660 Miscellaneous expenses 8,110 83,540 Owner investments Using the above information prepare an October income statement for the business. FRNOT OONSULTHINA

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash $12,650 Cash withdrawals by owner $ 1,570 13,520 13,520 Accounts receivable Office supplies Land Consulting revenue Rent expense 2,850 3,110 45,940 Salaries expense 17,530 Telephone expense Office equipment Accounts payable 6,490 850 660 Miscellaneous expenses 8,110 83,540 Owner investments Using the above information prepare an October income statement for the business. FRNOT OONSULTHINA

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 18EB: Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received...

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Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
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