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In June, Blackfly Ltd. received a $7,000 cash payment for work performed & billed the previous month. The company replanted a clear-cut area of northern
In June, Blackfly Ltd. received a $7,000 cash payment for work performed & billed the previous month. The company replanted a clear-cut area of northern Alberta for which it sent out an invoice for $25,000. At the beginning of the month the company had $2,000 of trees for planting. During the month the company purchased $2,000 more, and at the end of the month it was left with trees that had cost $1,000. The company's expenses were $1,000 in rent for its office and $3,000 in other expenses. Amortization on the truck and office equipment was calculated to be $2,000. The income tax rate is 10%. Net income for June was _______________. Question 43 options: $13,800
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