Question

At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information. Cash $ 66,200 Accounts Receivable 8,000 Office Supplies 6,800 Office Equipment 75,000 Accounts Payable 11,400 Selena Cantu, Capital, September 1, 2019 53,400 Fees Income 155,800 Advertising Expense 13,000 Salaries Expense 32,000 Telephone Expense 1,600 Withdrawals 18,000 Prepare an income statement for the month of September 2019.

Answer 1

Step-by-step explanation:

The preparation of the income statement for the month of September 2019 is presented below:

Cantu Wealth Management Consulting

Income statement

For the month of September 2019

Revenue

Fees income $155,800

Total revenues $155,800(A)

Less: Expenses

Advertising Expense $13,000

Salaries Expense $32,000

Telephone Expense $1,600

Total expenses $46,600 (B)

Net income $109,200 (A- B)