1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
TEA [102]
3 years ago
5

Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized E

rnst Consulting; on October 3, the owner contributed $84,780 in assets in exchange for its common stock to launch the business. On October 31, the company’s records show the following items and amounts. Retained earnings, October 1 as $0. Cash $ 8,990 Cash dividends $ 2,830 Accounts receivable 16,540 Consulting revenue 16,540 Office supplies 3,930 Rent expense 4,300 Land 45,980 Salaries expense 7,740 Office equipment 18,660 Telephone expense 850 Accounts payable 9,170 Miscellaneous expenses 670 Common stock 84,780 Using the above information prepare an October income statement for the business.

Business
1 answer:
Orlov [11]3 years ago
5 0

Answer:

Explanation:

For preparing the income statement, first, we have to compute the net income/net loss for the given period. The calculation is shown below:

= Consulting revenue - rent expense - salaries expense - telephone expense - miscellaneous expense

= $16,540 - $4,300 - $7,740 - $850 - $670

= $2,980

Since for computing the net income/ net loss we have to deduct the expenses from the income/ revenge earned to find out the net income (Revenue - expenses) and for net loss, the reverse method is used (Expenses - revenues)

The preparation of the income statement is done in the spreadsheet. Please find the attachment.

You might be interested in
Most manufacturers of vehicles equipped with diesel engines allow what type of biodiesel?
Umnica [9.8K]
What are your options? I'd say fish oil or animal based diesel fuel. 
6 0
3 years ago
The time to research a potential employer is _____.
Alex787 [66]

Answer:

maybe after a first interview

6 0
3 years ago
Read 2 more answers
I would say, "This situation is a problem for someone with Sharon’s leadership style. Sharon’s team has been on the job for a wh
saul85 [17]

Answer: The answer is Laissez - faire leadership style

Explanation:

Leadership : This can be defined as the ability which makes a manager to exert a positive influence over the behaviour of their subordinates. It is a process by which managers direct the affairs of the organizations with a view to achieve the overall objective of the organization. Leadership is the aspect of management that has to do with the human beings.. every manager will have a different approach to leadership depending upon the managers personality, traits, early training, abilities, and experience. The following are the leadership styles

Autocratic leadership style : This is a kind of leadership style in which power is in the hands of one authority whose word is a law.it is a leadership style in which orders are issued and are expected to be obeyed without question. All decisions in this kind of leadership are those of the leaders little or no discussion does not take place with the subordinates.

Democratic leadership style:This is a kind of leadership style in which the leaders or managers share their decision making activities with their subordinates as much as possible while they do not give up their ultimate responsibility or authority. In this leadership style much decision making is done through discussion either formally or informally.

Laissez -faire : This is a kind of leadership style which focuse on the delegation of duties to subordinates without providing little or no supervision to monitor the performances such subordinates on the job. This kind of leadership style is used when subordinates are experienced, well trained, such that they required little or no supervision in doing their job.

Bureaucratic leadership style : This is a kind of leadership style which focuse mostly on rules and procedures as it is written in which subordinates are therefore expected to follow such rules and procedures spelt out for them by the managers to the latter in the performance of duties in the organization

8 0
3 years ago
"obligation to transer cash or other resources as a result of a past transaction" is called ____________
spin [16.1K]

Answer:

The correct answer is: Liability.

Explanation:

A liability is an obligation that arises during the course of business. It represents a third party's claim in the company's assets usually from lenders or other creditors. Liability can arise in many different ways. Liabilities can be borrowing or a promise to pay later or any other type of obligation because of past transactions.

7 0
3 years ago
The US inflation rate is measured by changes in the overall price of the CPI __________.
Helen [10]

The answer is B Market Basket.

6 0
3 years ago
Other questions:
  • During the month of july, clanton industries issued a check in the amount of $845 to a supplier on account. the check did not cl
    15·2 answers
  • Treasury Stock Transactions SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On M
    9·1 answer
  • _____________ is the new-product development phase where hope springs decides that the flavor additive has enough market interes
    10·1 answer
  • Which of the following is an entrepreneur?
    15·1 answer
  • If a special sales order is accepted for​ 3,000 seats at a price of​ $330 per​ unit, and fixed costs increase by​ $13,000, how w
    9·1 answer
  • Budgeting competency requires the ability to:__________
    11·1 answer
  • How much must be deposited today into the following account in order to have 35000
    14·1 answer
  • Identify the three parts of the financial system.
    10·1 answer
  • New Agency, Debby just got a job as an assistant in a new federal agency called the Ac and auditing profession. The agency is he
    14·1 answer
  • A reversionary interest would be held by a:
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!