Question: Dominick Lopez operates a consulting firm called Tech Today. On August 31, the company's records show the following accounts and amounts for the month of August. Use this information to prepare an August income statement for the business.
Cash . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,360 D.
Lopez, Withdrawals . . . . . . . . . $ 3,000
Accounts receivable . . . . . . . . . . . . 17,000
Consulting fees earned . . . . . . . . . 17,000
Office supplies . . . . . . . . . . . . . . . . . 3,250
Rent expense . . . . . . . . . . . . . . . . 4,550
Land . . . . . . . . . . . . . . . . . . . . . . . . . 46,000
Salaries expense . . . . . . . . . . . . . . 8,000
Office equipment . . . . . . . . . . . . . . 18,000
Telephone expense . . . . . . . . . . . . 560
Accounts payable . . . . . . . . . . . . . . 8,000
Miscellaneous expenses . . . . . . . . 280
D. Lopez, Capital, July 31 . . . . . . . . . 4,000
Owner investments . . . . . . . . . . . 80,000