At the end of its first month of operations, Michael's Consulting Services reported net income of...

 

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At the end of its first month of operations, Michael's Consulting Services reported net income of $28,300. They also had account balances of: Cash, $20,200; Office Supplies, $2,550 and Accounts Receivable $11,100. The sole stockholder's total investment in exchange for common stock for this first month was $5,550. 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. Multiple Choice O O $28,300 $8,100 $33,850 $5,550 $22,750 At the end of its first month of operations, Michael's Consulting Services reported net income of $28,300. They also had account balances of: Cash, $20,200; Office Supplies, $2,550 and Accounts Receivable $11,100. The sole stockholder's total investment in exchange for common stock for this first month was $5,550. 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. Multiple Choice O O $28,300 $8,100 $33,850 $5,550 $22,750

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