During January 2015, the first month of operations, a consulting firm had following transactions:

1. Issued common stock to owners in exchange for $12,000 cash.

2. Purchased $3,000 of equipment, paying $600 cash and signing a promissory note for $2,400.

3. Received $5,400 in cash for consulting services performed in January.

4. Purchased $900 of supplies on account; all of the supplies were used in January.

5. Provided consulting services on account in the amount of $9,600.

6. Paid $450 on account.

7. Paid $1,800 to employees for work performed during January.

8. Received a bill for utilities for January of $2,050; the bill remains unpaid..

What is the amount of total revenue to be reported on the income statement for the month of January?

$5,400

$15,000

$27,000

$17,400

What is the amount to be reported as total liabilities on the balance sheet at the end of January? $4,900. $2,850. $5,100. $2,500.