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Hal Smith opened Smith's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books:
Hal Smith opened Smith's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books:
- Smith invested $25,000 cash in the business.
- Smith contributed $100,000 of equipment to the business.
- The company paid $2,000 cash to rent office space for the month.
- The company received $16,000 cash for repair services provided during March.
- The company paid $6,200 for salaries for the month.
- The company provided $3,000 of services to customers on account.
- The company paid cash of $500 for monthly utilities.
- The company received $3,100 cash in advance of providing repair services to a customer.
- Smith withdrew $5,000 for his personal use from the company.
Based on the above information, the profit for March would be $__________.
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