Question

Joe Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books:

1. Jackson invested $43,000 cash in the business.
2. Jackson contributed $118,000 of equipment to the business.
3. The company paid $3,800 cash to rent office space for the month of March.
4. The company received $34,000 cash for repair services provided during March.
5. The company paid $8,000 for salaries for the month of March.
6. The company provided $4,800 of services to customers on account.
7. The company paid cash of $2,300 for utilities for the month of March.
8. The company received $4,900 cash in advance from a customer for repair services to be provided in April.
9. Jackson withdrew $6,800 for his personal use from the company.

Based on this information, net income for March would be:

Answers:

A. 24,700

B. 31,400

C. 7,100

D. 6.600

E. 31.500

Answer 1

Net Revenues Expenses income Revenues ane The compary reeeived $ 34,000 cash for during Manch provided nepain services The company provided 4,800 of senices Expenses are ottice nent 3800 for the month is paid salary The 8000 company paid cash of $2,300 AThe monthly utilkties for 34000+ 4800 Net income- 3 800-8000-230O income f2470o Net datas given hot other CuLe The Hareh the nelated to