At the end of its first month of operations, Michael's Consulting Services reported net income of...
At the end of its first month of operations, Michael's Consulting Services reported net income of $27,100. They also had account balances of: Cash, $19,400; Office Supplies, $2,350 and Accounts Receivable $10,700. The sole stockholder’s total investment in exchange for common stock for this first month was $5,350. 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.
Homework Answers
The amount of total equity to be reported on the balance sheet at the end of the month
Total equity = Net income + Shareholder's investment
= $27,100 + $5,350
= $32,450
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At the end of its first month of operations, Michael's
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