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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:

Recognize the importance of loan security and the role of collateral.

Explain the process and benefits of obtaining loans through the Small Business Administration (SBA).

Describe various financing options available for small businesses, including equity capital, trade credit, and factoring.

Understand the implications of loan terms such as maturity, interest rates, and repayment schedules.

Definitions:

Sales Dollars

The total amount of revenue generated from the sale of goods and services, measured in monetary terms.

Farm Division

A specialized unit or sector within a company or organization focused on agriculture and farming activities.

Net Operating Income

The income generated by a company's activities, after deducting the costs of operations from the revenue obtained.

Variable Costing

A bookkeeping approach that incorporates solely the variable costs of production (such as direct materials, direct labor, and variable manufacturing overhead) into the cost of goods sold while omitting fixed manufacturing overhead.