1-4 - 18,000 Telephone expense 760 Accounts payable 25,037...

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Page 4 of 6 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview 7. award: 1 out of 1 point REAL ANSWERS Income Statement For Month Ended October 31 Revenues Consulting Fees Earned $ 14,000 Expenses Salaries Expense $ 5,600 Rent Expense 2,520 Telephone Expense 760 Miscellaneous Expenses 580 Total expenses 9,460 Net Income $ 4,540 Worksheet Learning Objective: 01-P1 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. (Input all amounts as positive values. Omit the "$" sign in your response.) Cash $ 11,500 Cash withdrawals by owner $ 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
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Unformatted text preview: 18,000 Telephone expense 760 Accounts payable 25,037 Miscellaneous expenses 580 Owner investments 84,360 REAL ANSWERS Income Statement For Month Ended October 31 Revenues Consulting Fees Earned $ 14,000 Expenses Salaries Expense $ 5,600 Rent Expense 2,520 Telephone Expense 760 Miscellaneous Expenses 580 Total expenses 9,460 Net Income $ 4,540 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 statement of owner's equity for Real Answers. (Leave no cells blank - be certain to enter "0" wherever required. Enter all amounts as positive values. Omit the "$" sign in your response.) Cash $ 11,500 Cash withdrawals by owner $ 2,000...
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This note was uploaded on 08/09/2010 for the course ACCT 1 taught by Professor Ludwig during the Spring '10 term at Los Angeles City College.

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