Reference no: EM132614627

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,310 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0.

Cash $10,200,

Cash dividends $2,340,

Accounts receivable 15,200,

Consulting revenue 15,200,

Office supplies 3,550,

Rent expense 3,910,

Land 45,990,

Salaries expense 7,350,

Office equipment 18,310,

Telephone expense 790,

Accounts payable 8,740,

Miscellaneous expenses 610,

Common stock 84,310

Question 1: Using the above information prepare an October income statement for the business.