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At the end of its first month of operations, Michael's Consulting Services reported net income of $28,300. They also had account balances of: Cash, $20,200;
At the end of its first month of operations, Michael's Consulting Services reported net income of $28,300. They also had account balances of: Cash, $20,200; Office Supplies, $2,550 and Accounts Receivable $11,100. The owner's total investment for this first month was $5,550.
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