aw apters 1-3 Saved Help Save & Exit Su On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,050 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 Accounts receivable office supplies Land office equipment Accounts payable Common stock $ 7,950 17, 450 4,200 46,010 19,060 9,430 85,050 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,070 17,450 4,530 8,090 880 690 8:24 Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement For Month Ended October 31 $ Assets Cash Accounts receivable Office supplies Total revenues 7,950 17,450 4,200 $ 29,600 0