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Regent Plumbing Corporation provides plumbing services. Selected transactions of Regent Plumbing Corporation are described as follows: a) Received $9,000 cash and issued common stock to
Regent Plumbing Corporation provides plumbing services. Selected transactions of Regent Plumbing Corporation are described as follows: a) Received $9,000 cash and issued common stock to Sharon Regent. b) Paid $4,000 cash for equipment to be used for plumbing repairs. c) Borrowed $9,000 from a local bank and deposited the money in the checking account. d) Paid $700 rent for the year. e) Paid $400 cash for plumbing supplies to be used next year. f) Completed a plumbing repair project for a local lawyer and received $3,000 cash. Calculate the net income. Assume plumbing supplies of $400 are left at the end of the accounting period. O A. $300 O B. $2,600 O c. $3,000 OD. $2,300 Click to select your
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