On November 1, 2014, Jean Higgins organized a new consulting firm called The Higgins Group. On November 30, 2014, the company's records showed the following items. Use this information to prepare a November income statement for the business, similar to Exhibit 1.8.

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16,000 Owner's withdrawals 3,360 ... 22,000 Consulting fees earned Accounts receivable.. 17,000 5,000 Rent expense. Automobiles.36,000 Salaries expens Office equipment. 25,250 Accounts payable.... 6,000 1,680 660 Telephone expense.. ....7 7,500 Utilities expenses. 84,000