Reference no: EM132873179

Question - On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,470 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.

Cash $9,750

Cash dividends $2,530

Accounts receivable 15,600

Consulting revenue 15,600

Office supplies 3,710

Rent expense 4,070

Land 45,970

Salaries expense 7,450

Office equipment 18,450

Telephone expense 810

Accounts payable 8,900

Miscellaneous expenses 630

Common Stock 84,470

Required - Using the above information make an October statement of retained earnings for Ernst Consulting.