Aaliyah Turner opened Turner Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books:1. Aaliyah invested $14,500 cash in the business in exchange for common stock. 2. Aaliyah contributed $30,000 of photography equipment to the business in exchange for common stock. 3. The company paid $3100 cash for an insurance policy covering the next 24 months. 4. The company received $6700 cash for services provided during January. 5. The company purchased $7200 of office equipment on credit. 6. The company provided $3750 of services to customers on account. 7. The company paid cash of $2500 for monthly rent. 8. The company paid $4100 on the office equipment purchased in transaction #5 above. 9. Paid $375
cash for January utilities. Based on this information, the amount of total stockholders' equity reported on the Balance Sheet at the end of the month would be:
A. $45,400.
B. $40,775.
C. $51,200.
D. $43,150.
E. $52,075.
Answer: E
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