Jeff Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions
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Question:
Jeff Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred:
- Jackson invested $42,000 cash in the businessin exchange for common stock.
- Jackson contributed $117,000 of equipment to the business.
- The company paid $3,700 cash to rent office space for the month of March.
- The company received $33,000 cash for repair services provided during March.
- The company paid $7,900 for salaries for the month of March.
- The company provided $4,700 of services to customers on account.
- The company paid cash of $2,200 for utilities for the month of March.
- The company received $4,800 cash in advance from a customer for repair services to be provided in April.
- The company paid$6,700in cash dividends.
Based on this information, net income for March would be:
Posted Date: