Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of...

Extracted text: Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August. Use this information to prepare an August income statement for the business. Exercise 2-16 Preparing an income statement C3 P3 Chapter 2 Accounting for Business Transactions 73 Cash $25,360 Accounts payable.. $ 10,500 102,000 Telephone expense Salaries expense $5,600 Accounts receivable. 22,360 Common stock. 860 Office supplies 5,250 Dividends 6,000 Miscellaneous expenses 520 Land 44,000 Consulting fees earned 27,000 Office equipment 20,000 Rent expense 9,550 Check Net income, $10,470 Use the information in Exercise 2-16 to prepare an August statement of retained earnings for Help Today. The Retained Earnings account balance at August 1 was $0. Hint: Net income for August is $10,470. Exercise 2-17 Preparing a statement of