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Calculate the amount of total equity to be reported

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At the end of its first month of operations, Michael's Consulting Services reported net income of $26,800. They also had account balances of:

Cash, $19,200;

Office Supplies, $2,300 and

Accounts Receivable $10,600.

The sole stockholder's total investment in exchange for common stock for this first month was $5,300. There were no dividends in the first month.

Problem 1: Calculate the amount of total equity to be reported on the balance sheet at the end of the month.

Reference no: EM132803448

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