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Business, 13.09.2019 02:30 valenciafaithtorres

At the end of its first month of operations, michael’s consulting services reported net income of $25,000. they also had account balances of: cash, $18,000; office supplies, $2,000 and accounts receivable $10,000. the sole stockholder’s total investment in exchange for common stock for this first month was $5,000. 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.

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