2-6 - $ 7,000 Rent Expense 3,550 Telephone Expense 760...

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Page 6 of 10 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview 5. award: 1 out of 1 point Net Income $ 2,110 Exercise 2-10 Preparing an income statement L.O. C4, P3 On October 1, Diondre Shabazz organized a new consulting firm called OnTech. 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. (Omit the "$" sign in your response.) Cash $ 11,360 D. Shabazz, Withdrawals $ 2,000 Accounts receivable 14,000 Consulting Fees Earned 14,000 Office supplies 3,250 Rent Expense 3,550 Patents 46,000 Salaries Expense 7,000 Office Equipment 18,000 Telephone Expense 760 Accounts payable 8,500 Miscellaneous expense 580 D. Shabazz, Capital 84,000 ONTECH Income Statement For Month Ended October 31 Revenues: Consulting Fees Earned $ 14,000 Expenses: Salaries Expense
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Unformatted text preview: $ 7,000 Rent Expense 3,550 Telephone Expense 760 Miscellaneous Expenses 580 Total Expenses 11,890 Net Income $ 2,110 Exercise 2-11 Preparing a statement of owner's equity L.O. P3 Use the information given below to prepare an October statement of owner's equity for OnTech. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Cash $ 11,360 D. Shabazz, Withdrawals $ 2,000 Accounts receivable 14,000 Consulting Fees Earned 14,000 Office supplies 3,250 Rent Expense 3,550 Patents 46,000 Salaries Expense 7,000 Office Equipment 18,000 Telephone Expense 760 Accounts Payable 8,500 Miscellaneous Expense 580 D. Shabazz, Capital 84,000 ONTECH Statement of owner's equity For Month Ended October 31 D. Shabazz, Capital, October 1 $...
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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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