Joe Jackson Opened Jackson's Repairs on March 1 of the Current

question 25

Multiple Choice

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

• A)$10,300.
• B)$13,400.
• C)$5,300.
• D)$8,400.
• E)$13,500.

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