Questions: Accounts Receivable: 5,600 Accounts Payable: 6,200 Advertising Expense: 500 Cash: 21,500 Common Stock: 24,000 Dividends: 4,500 Equipment: 18,000 Notes Payable: 9,000 Rent Expense: 1,200 Salaries Expense: 9,480 Service Revenue: 25,600 Supplies: 820 Utilities Expense: 1. Calculate net income for the month ended January 31, 2021 2. Calculate total assets for Lehman Consulting on January 31, 2021

To answer the questions, we need to use the provided financial data. Let's start with the first question.

Net income is calculated as total revenues minus total expenses. From the provided data:

• Service Revenue: $25,600

Expenses:

• Advertising Expense: $500
• Rent Expense: $1,200
• Salaries Expense: $9,480
• Utilities Expense: (not provided, so we will assume it is $0 for this calculation)

Total Expenses = Advertising Expense + Rent Expense + Salaries Expense + Utilities Expense Total Expenses = $500 + $1,200 + $9,480 + $0 = $11,180

Net Income = Service Revenue - Total Expenses Net Income = $25,600 - $11,180 = $14,420

So, the net income for the month ended January 31, 2021, is $14,420.

Total assets are calculated by summing all asset accounts. From the provided data:

• Accounts Receivable: $5,600
• Cash: $21,500
• Equipment: $18,000
• Supplies: $820

Total Assets = Accounts Receivable + Cash + Equipment + Supplies Total Assets = $5,600 + $21,500 + $18,000 + $820 = $45,920

So, the total assets for Lehman Consulting on January 31, 2021, are $45,920.

1. The net income for the month ended January 31, 2021, is $14,420.
2. The total assets for Lehman Consulting on January 31, 2021, are $45,920.