During January 2018,the First Month of Operations,a Consulting Firm Had

question 123

Multiple Choice

During January 2018,the first month of operations,a consulting firm had following transactions: 1.Issued common stock to owners in exchange for $20,000 cash.
2.Purchased $5,000 of equipment,paying $1,000 cash and signing a promissory note for $4,000.
3.Received $9,000 in cash for consulting services performed in January.
4.Purchased $1,500 of supplies on account;all of the supplies were used in January.
5.Provided consulting services on account in the amount of $16,000.
6.Paid $750 on account.
7.Paid $3,000 to employees for work performed during January.
8.Received a bill for utilities for January of $3,400;the bill remains unpaid.
What is the amount of total revenue to be reported on the income statement for the month of January?

• A)$45,000.
• B)$9,000.
• C)$29,000.
• D)$25,000.

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Definitions:

Mammoth Ivory

Ivory derived from the tusks of mammoths, often used in art or as material for tools and ornaments by prehistoric humans.

Silver

A precious metal with a brilliant white metallic luster, known for its conductivity, malleability, and being used in jewelry, currency, and various industrial applications.

Paleolithic Art

Prehistoric art made during the Paleolithic era, characterized by cave paintings, engravings, and small sculptures, reflecting the earliest known human artistic achievements.

Findspot

Place where an artifact was found; provenance.