During January 2015, the First Month of Operations, a Consulting

question 169

Multiple Choice

During January 2015, 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.
-Use the information above to answer the following question.What is the amount to be reported as total liabilities on the balance sheet at the end of January?

• A) $4,750.
• B) $4,150.
• C) $8,150.
• D) $8,500.

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Definitions:

Media Production

involves the creation and development of content, such as films, television shows, music, and digital media, for dissemination through various mass media platforms.

Television Audiences

The group of people who watch a particular television program or broadcast.

Realistic Evaluations

An approach in assessment that pragmatically considers the limitations, resources, and potential outcomes of a project or situation.

Working-Class Women

Women belonging to the social group characterized by jobs that require manual labor or low-skilled positions, often focusing on issues related to gender, labor, and socioeconomic status.