During January 2020, 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 the total expenses that will be reported on the income statement for the month ended January 31

Question

contestada

Respuesta :

anthougo anthougo · Answer 1 · 2021-05-12T02:29:24+02:00

Answer:

The total expenses that will be reported on the income statement for the month ended January 31 are:

= $18,150.

Explanation:

a) Data and Analysis:

Cash $46,000 Common Stock $46,000

Equipment $11,500 Cash $3,450 Note Payable $8,050

Cash $20,700 Service Revenue $20,700

Supplies Expense $3,450 Cash $3,450

Accounts receivable $36,800 Service Revenue $36,800

Accounts Payable $1,725 Cash $1,725

Salaries Expenses $6,900 Cash $6,900

Utilities Expense $7,800 Utilities Payable $7,800

Expenses for January:

Supplies Expense $3,450

Salaries Expenses $6,900

Utilities Expense $7,800

Total Expenses $18,150