At the end of its first month of operations, Michael's Consulting Services reported net income of $31,300. They also had account balances of: Cash, $22,200; Office Supplies, $3050 and Accounts Receivable $12,100. The sole stockholder's total investment in exchange for common stock for this first month was $6050. There were no dividends in the first month.Calculate the amount of total equity to be reported on the balance sheet at the end of the month.
A. $6050
B. $9100
C. $37,350
D. $25,250
E. $31,300
Answer: C
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