Exercise $1-14$

Preparing an income statement

P$2$

On October $1,$ Ebony Ernst organized Ernst Consulting; on October $3,$ the owner contributed $$84,000$ in assets to launch the business. On October $31,$ the

company's records show the following items and amounts. Use this information to prepare an October income statement for the business.

Check Net profit, $$2,110$

Exercise $1-15$

Preparing a statement of changes in equity

P$2$

Use the information in Exercise $1-14$ to prepare an October statement of changes in equity for Ernst Consulting.

Exercise $1-16$

Preparing a balance sheet

P$2$

Use the information in Exercise $1-14$ to prepare an October $31$ balance sheet for Ernst Consulting. Hint: The solution to Exercise $1-15$ can help.

Exercise $1-17$