Jackson Consulting, Inc Using the Information in the Table, Calculate Jackson Consulting Inc

question 67

Multiple Choice

Jackson Consulting, Inc. had the following accounts and balances at December 31: $\begin{array}{c}\begin{array}{|l} \hline \text { Account}\\ \hline \text { Cash}\\ \hline \text { Accounts Receivable}\\ \hline \text { Prepaid Insurance}\\ \hline \text { Supplies}\\ \hline \text { Accounts Payable}\\ \hline \text { Common Stock}\\ \hline \text { Dividends}\\ \hline \text { Service Revenue.}\\ \hline \text { Utilities Expense}\\ \hline \text { Salaries Expense}\\ \hline \text { Totals}\\ \hline\end{array}\begin{array}{|r|r|}\hline \text { Debit } & \text { Credit } \\\hline \$ 20,000 & \\\hline 6,000 & \\\hline 1,500 & \\\hline 5,000 & \\\hline & \$ 500 \\\hline & 16,200 \\\hline 1,000 & \\\hline & 20,000 \\\hline 2,000 & \\\hline 1,200 & \\\hline\underline{ \$ 36,700 }& \underline{\$ 36,700 }\\\hline\end{array}\end{array}$


Using the information in the table, calculate Jackson Consulting Inc.'s reported net income for the period.

• A) $16,800
• B) $15,800.
• C) $15,300
• D) $10,300.
• E) $32,000

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