Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books:1. Andrea invested $13,500 cash in the business in exchange for common stock. 2. Andrea contributed $20,000 of photography equipment to the business. 3. The company paid $2,100 cash for an insurance policy covering the next 24 months. 4. The company received $5,700 cash for services provided during January. 5. The company purchased $6,200 of office equipment on credit. 6. The company provided $2,750 of services to customers on account. 7. The company paid cash of $1,500 for monthly rent. 8. The company paid $3,100 on the office equipment purchased in transaction #5 above. 9. Paid $275 cash for January utilities. Based
on this information, the amount reported as total stockholders' equity on the balance sheet at month-end would be:
A. $30,875.
B. $31,400.
C. $31,150.
D. $40,175.
E. $39,200.
Answer: D
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