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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,050 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.

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ERNST CONSULTING Income Statement

For Month Ended October 31 is $850

ERNST CONSULTING Income Statement

For Month Ended October 31

Revenues

Consulting fees earned $15,040

Total revenues $15,040

Expenses

Rent expense $4,530

Salaries expense $8,090

Telephone expense $880

Miscellaneous expenses $690

Total expenses $14,190

Net income $850

($15,040-$14,190)

Inconclusion ERNST CONSULTING Income Statement For Month Ended October 31 is $850

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