During January 2020, the first month of operations, a consulting firm had the following transactions: 1. Issued common stock to owners in exchange for $46,000 cash.2 Purchased $ 11,500 of equipment, paying $3,450 cash and signing a promissory note for $8,050.3. Received $20,700 in cash for consulting services performed in January.4Purchased $3,450 of supplies on account, all of the supplies were used in January.5. Provided consulting services on account in the amount of $36, 800.6Paid $1,725 on account.7Paid $6, 900 to employees for work performed during January.8. Received a bill for utilities for January of $7,800; the bill remains unpaidWhat are the total expenses that will be reported on the income statement for the month ended January 31? What are the total expenses that will be reported on the income statement for the month ended January 31 ? $19,875. $10,350. $18, 150. $8,625. None of the above.
During January 2020, the first month of operations, a consulting firm had the following transactions: 1. Issued common stock to owners in exchange for $46,000 cash.2 Purchased $ 11,500 of equipment, paying $3,450 cash and signing a promissory note for $8,050.3. Received $20,700 in cash for consulting services performed in January.4Purchased $3,450 of supplies on account, all of the supplies were used in January.5. Provided consulting services on account in the amount of $36, 800.6Paid $1,725 on account.7Paid $6, 900 to employees for work performed during January.8. Received a bill for utilities for January of $7,800; the bill remains unpaidWhat are the total expenses that will be reported on the income statement for the month ended January 31? What are the total expenses that will be reported on the income statement for the month ended January 31 ? $19,875. $10,350. $18, 150. $8,625. None of the above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question

Transcribed Image Text:During January 2020, the first month of operations, a consulting firm had the following
transactions: 1. Issued common stock to owners in exchange for $46,000 cash.2 Purchased $
11,500 of equipment, paying $3,450 cash and signing a promissory note for $8,050.3.
Received $20, 700 in cash for consulting services performed in January.4Purchased $3,450 of
supplies on account, all of the supplies were used in January.5. Provided consulting services
on account in the amount of $36, 800.6Paid $1,725 on account.7Paid $6,900 to employees
for work performed during January.8. Received a bill for utilities for January of $7,800; the
bill remains unpaidWhat are the total expenses that will be reported on the income statement
for the month ended January 31 ? What are the total expenses that will be reported on the
income statement for the month ended January 31? $19,875. $10,350. $18, 150. $8,625.
None of the above.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education