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On October 1, Keisha King organized Real Answers, a new consulting

Customer Question

On October 1, Keisha King organized Real Answers, a new consulting firm. On October 31, the company’s
records show the following items and amounts. Use this information to prepare an October income
statement for the business.
Check Net income, $4,540
Cash . . . . . . . . . . . . . . . . . . $11,500 Cash dividends . . . . . . . . . . . . . . $ 2,000
Accounts receivable . . . . . . . 12,000 Consulting fees earned . . . . . . . . 14,000
Office supplies . . . . . . . . . . . 24,437 Rent expense . . . . . . . . . . . . . . . 2,520
Land . . . . . . . . . . . . . . . . . . . 46,000 Salaries expense . . . . . . . . . . . . . 5,600
Office equipment . . . . . . . . . 18,000 Telephone expense . . . . . . . . . . . 760
Accounts payable . . . . . . . . . 25,037 Miscellaneous expenses . . . . . . . 580
Common stock . . . . . . . . . . . 84,360
Submitted: 7 years ago.
Category: Homework
Expert:  Neo replied 7 years ago.
Good day!

Please download HERE.
Customer: replied 7 years ago.

Thanks so much!

 

How did you come up with the cash and the consulting fees? I would like to know the equations used. Thank you!

Expert:  Neo replied 7 years ago.
THIS ANSWER IS LOCKED!

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