Question
Jaxson McCormick opened McCormicks Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books:
Jaxson McCormick opened McCormicks Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: McCormicks invested $26,000 cash in the business in exchange for common stock. McCormicks contributed $101,000 of equipment to the business. The company paid $2,100 cash to rent office space for the month of March. The company received $17,000 cash for repair services provided during March. The company paid $6,300 for salaries for the month of March. The company provided $3,100 of services to customers on account. The company paid cash of $600 for utilities for the month of March. The company received $3,200 cash in advance from a customer for repair services to be provided in April. The company paid Jackson $5,100 cash as a dividend. Based on this information, net income for March would be:
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