Dominick Lopez operates a consulting firm called Tech Today. On August 31, the company’s records show the following accounts and amounts for the month of August. Use this information to prepare an August income statement for the business.
|
Cash |
$ 8,360 |
D. Lopez, Withdrawals |
$ 3,000 |
|
Accounts receivable |
17,000 |
Consulting fees earned |
17,000 |
|
Office supplies |
3,250 |
Rent expense |
4,550 |
|
Land |
46,000 |
Salaries expense |
8,000 |
|
Office equipment |
18,000 |
Telephone expense |
560 |
|
Accounts payable |
8,000 |
Miscellaneous expenses |
280 |
|
D. Lopez, Capital, July 31 |
4,000 |
Owner investments |
80,000 |
Prepare an August statement of owner’s equity for Tech Today. (The owner invested $84,000 cash in the company during the first week of August.)