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

question 229

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: • Jackson invested $25,000 cash in the business in exchange for common stock.
• Jackson contributed $100,000 of equipment to the business.
• The company paid $2,000 cash to rent office space for the month of March.
• The company received $16,000 cash for repair services provided during March.
• The company paid $6,200 for salaries for the month of March.
• The company provided $3,000 of services to customers on account.
• The company paid cash of $500 for utilities for the month of March.
• The company received $3,100 cash in advance from a customer for repair services
To be provided in April.
• The company paid Jackson $5,000 cash as a dividend.
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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Definitions:

Elective Surgical Procedure

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The set of laws and regulations established by the federal government to determine the amount of tax to be levied on individuals, corporations, and other entities.

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