Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company’s records show the following selected accounts and amounts for the month of August.


Cash $25,200
Dividends $5,830
Accounts receivable 22,240
Consulting fees earned 26,880
Office supplies 5,080
Rent expense 9,390
Land 43,890
Salaries expense 5,450
Office equipment 19,860
Telephone expense 690
Accounts payable 10,840
Miscellaneous expenses 390
Common stock 100,300

Required:
Prepare an income statement.

Respuesta :

Answer:

$10,960

Explanation:

Income statement for they year ended, August 31st

Revenue

Consultancy fees earned $26,880

Less expenses;

Miscellaneous expenses $390

Rent expenses $9,390

Salaries expense $5,450

Telephone expenses $690

Total expenses. ($15,920)

Net income. $10,960