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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. Use this information to prepare an August income statement for the business.
Cash $25,360 Dividends $6,000
Accounts receivable 22,360 Consulting fees earned 27,000
Office supplies 5,250 Rent expense 9,550
Land 44,000 Salaries expense 5,600
Office equipment 20,000 Telephone expense 860
Accounts payable 10,500 Miscellaneous expenses 520
Common stock 102,000

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Answer:

Carmen Camry

Income Statement for August 31

                                                    $

Consulting fees earned        27,000

Less Expenses :

Rent expense                         (9,550)

Salaries expense                   (5,600)

Telephone expense                 (860)

Miscellaneous expenses         (520)

Net Income / (Loss)                10,470

Explanation:

Income Statement shows the Incomes and expenses for the business for the specific period of operation.

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