Question

Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following accounts and amounts for the month of August $25,220 Consulting fees earned 22,250 Rent expense 5,100 Salaries expense 43,900 Telephone expense 19,870 Miscellaneous expenses 10,790 Common stock 5,850 $ 26,890 9,410 Cash Accounts receivable Office supplies Land 5,470 710 400 Office equipment Accounts payable Dividend 100,500
Use the above information to prepare the August income statement for the business.

Answer 1

Answer:

$5,800

Explanation:

Consulting fees earned   $26,890

Rent expense     ($9,410 )

Salaries expense             ($5,470 )

Telephone expense    ($710)

Miscellaneous expenses   ($400 )

Office supplies           ($5,100)

Total                                        $5,800

The net income for the month of August is $5,800