Question
During January 2018, the first month of operations, a consulting firm had following transactions: Issued common stock to owners in exchange for $34,000 cash. Purchased
During January 2018, the first month of operations, a consulting firm had following transactions:
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Issued common stock to owners in exchange for $34,000 cash.
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Purchased $8,500 of equipment, paying $2,550 cash and signing a promissory note for $5,950.
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Received $15,300 in cash for consulting services performed in January.
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Purchased $2,550 of supplies on account; all of the supplies were used in January.
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Provided consulting services on account in the amount of $27,200.
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Paid $1,275 on account.
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Paid $5,100 to employees for work performed during January.
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Received a bill for utilities for January of $5,800; the bill remains unpaid.
What is the amount of total revenue to be reported on the income statement for the month of January?
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