During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $40,000 cash. 2. Purchased $10,000 of equipment, paying $2,000 cash and signing a promissory note for $8,000. 3. Received $18,000 in cash for consulting services performed in January. 4. Purchased $3,000 of supplies on account; all of the supplies were used in January. 5. Provided consulting services on account in the amount of $32,000. 6. Paid $1,500 on account. 7. Paid $6,000 to employees for work performed during January 8. Received a bill for utilities for January of $6,800; the bill remains unpaid. What is the amount to be reported as total liabilities on the balance sheet at the end of January? Multiple Choice.