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

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 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