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Carmen Camry operates a consulting firm called Help 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,360
Accounts receivable . . . . . . . . . . . . . . . . . . . . . 22,360
Office supplies . . . . . . . . . . . . . . . . . . . . . . . . . . 5,250
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,000
Office equipment . . . . . . . . . . . . . . . . . . . . . . . 20,000
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . 10,500
C. Camry, Capital, July 31. . . . . . . . . . . . . . . . . 2,000
C. Camry, Withdrawals . . . . . . . . . . . . . . . . . . . $ 6,000
Consulting fees earned . . . . . . . . . . . . . . . . . . . . 27,000
Rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . 9,550
Salaries expense. . . . . . . . . . . . . . . . . . . . . . . . . 5,600
Telephone expense . . . . . . . . . . . . . . . . . . . . . . . 860
Miscellaneous expenses . . . . . . . . . . . . . . . . . . 520
Owner investment made on August 4 . . . . . . . 100,000
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