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The owners initial investment consists of $ 3 8 , 5 0 0 cash and $ 4 5 , 9 7 0 in land in

The owners initial investment consists of $38,500 cash and $45,970 in land in exchange for its common stock. The companys $18,450 equipment purchase is paid in cash. Cash paid to employees is $2,260. The accounts payable balance of $8,900 consists of the $3,710 office supplies purchase and $5,190 in employee salaries yet to be paid. The companys rent expense, telephone expense, and miscellaneous expenses are paid in cash. No cash has yet been collected on the $15,620 consulting revenue earned.

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