Reference no: EM132050375
Question - During January 2015, the first month of operations, a consulting firm had following transactions:
1. Issued common stock to owners in exchange for $44,000 cash.
2. Purchased $11,000 of equipment, paying $2,200 cash and signing a promissory note for $8,800.
3. Received $19,800 in cash for consulting services performed in January.
4. Purchased $3,300 of supplies on account; all of the supplies were used in January.
5. Provided consulting services on account in the amount of $35,200.
6. Paid $1,650 on account.
7. Paid $6,600 to employees for work performed during January.
8. Received a bill for utilities for January of $7,500; the bill remains unpaid
What is subtotal of expenses that will be reported on the income statement for the month ended January 31?
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