On October 1, Keisha King organized Real Answers, a new consulting firm; On October 3, the owner contributed $70,065 cash. On October 31, the company's records show the following items and amounts.
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|
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|
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| Cash |
$ |
11,000 |
|
Cash dividends |
$ |
2,000 |
| Accounts receivable |
|
18,000 |
|
Consulting fees earned |
|
20,000 |
| Office supplies |
|
23,375 |
|
Rent expense |
|
3,600 |
| Land |
|
46,000 |
|
Salaries expense |
|
8,000 |
| Office equipment |
|
18,000 |
|
Telephone expense |
|
760 |
| Accounts payable |
|
41,250 |
|
Miscellaneous expenses |
|
580 |
| Common stock |
|
70,065 |
|
|
|
|
|
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Using the above information prepare an October income statement for the business.