On October 1, Natalie King organized Real Solutions, 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.
|
Cash |
$ 2,000 |
Cash withdrawals by owner |
$ 3,360 |
|
Accounts receivable |
13,000 |
Consulting fees earned |
15,000 |
|
Office supplies |
4,250 |
Rent expense |
2,550 |
|
Land |
36,000 |
Salaries expense |
6,000 |
|
Office equipment |
28,000 |
Telephone expense |
660 |
|
Accounts payable |
7,500 |
Miscellaneous expenses |
680 |
|
Owner investments |
74,000 |
Prepare an October statement of owner’s equity for Real Solutions.