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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:
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