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Question: at the end of its first month of operations michaels...

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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.

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