During January 2020, the first month of operations, a consulting firm had the following transactions: 1. Issued common stock to owners in exchange for $26,000 cash. 2. Purchased $6,500 of equipment,...

Extracted text: During January 2020, the first month of operations, a consulting firm had the following transactions: 1. Issued common stock to owners in exchange for $26,000 cash. 2. Purchased $6,500 of equipment, paying $1,950 cash and signing a promissory note for $4,550. 3. Received $11,700 in cash for consulting services performed in January. 4. Purchased $1,950 of supplies on account; all of the supplies were used in January. 5. Provided consulting services on account in the amount of $20,800. 6. Paid $975 on account. 7. Paid $3,900 to employees for work performed during January. 8. Received a bill for utilities for January of $4,400; the bill remains unpaid. What is the amount of total revenue to be reported on the income statement for the month of January? Multiple Choice $11,700 $58,500 $37,700 $32,500