During January 2018, the first month of operations, a consulting firm had following transactions:1. Issued common stock to owners in exchange for $20,000 cash. 2. Purchased $5,000 of equipment, paying $1,000 cash and signing a promissory note for $4,000. 3. Received $9,000 in cash for consulting services performed in January. 4. Purchased $1,500 of supplies on account; all of the supplies were used in January. 5. Provided consulting services on account in the amount of $16,000. 6. Paid $750 on account. 7. Paid $3,000 to employees for work performed during January. 8. Received a bill for utilities for January of $3,400; the bill remains unpaid. What is the amount of total revenue to be reported on the income statement for the month of January?
A. $29,000.
B. $45,000.
C. $9,000.
D. $25,000.
Answer: D
You might also like to view...
The test statistic for evaluating the null hypothesis associated with the product moment correlation is the F-test
Indicate whether the statement is true or false
Based on reports by ethics officers themselves, what is their biggest barrier to providing effective ethics training?
a. lack of interest by employees b. lack of resources c. unethical behavior by upper management d. failure to train HR personnel
An IT firm uses technology to prevent fraudulent practices. Employees are required to provide fingerprints to gain access to restricted areas of the organization. In this scenario, the firm is using:
A. a biometrics system. B. a teleworking system. C. a radio frequency identification tag. D. an applicant-tracking system.
Seigniorage is
A) when a country abandons its currency altogether and adopts that of another country. B) when a country loses the revenue that it received by issuing money. C) when the par exchange rate is reset at a lower level. D) when the domestic currency is backed 100% by a foreign currency.