in January 2013, a new consulting firm recorded the following transactions: 1. issued stock to investors for $20,000. 2. purchased $5000 of equipment, paying 20% in cash and giving a promissory note for the balance. 3. Received $9000 in cash for consulting services performed in January. 4. Bought $1500 of supplies on account; all of the supplies were used in January. 5. provided consulting services for clients and billed them $16,000. 6. Paid $750 towards the supplies purchased in #4. 7. Paid $3000 to employees for work performed in January. 8. Received a bill for rent and utilities for January of $3400. What the amount of total expense to be reported on the income statement for the month of January?

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To calculate the total expenses reported on the income statement for January we need to consider all ... View the full answer