During January 2015, the first month of operations, a consulting firm had follow

Question

During January 2015, the first month of operations, a consulting firm had following transactions: Issued common stock to owners in exchange for $46,000 cash. Purchased $11,500 of equipment, paying $3,450 cash and signing a promissory note for $8,050. Received $20,700 in cash for consulting services performed in January. Purchased $3,450 of supplies on account; all of the supplies were used in January. Provided consulting services on account in the amount of $36,800. Paid $1,725 on account Paid $6,900 to employees for work performed during January. Received a bill for utilities for January of $7,800; the bill remains unpaid. What is subtotal of expenses that will be reported on the income statement for the month ended January 31?

Explanation / Answer

Answer. $18150 Expenses Supplies 3450 Salary   6900 Utilities Expenses 7800 Total expenses 18150

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