Jackson Consulting Had the Following Accounts and Balances at December

question 125

Multiple Choice

Jackson Consulting had the following accounts and balances at December 31: $\begin{array}{|l|c|c|}\hline \text { Account } & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 20,000 & \\\hline \text { Accounts Receivable } & 6,000 & \\\hline \text { Prepaid Insurance } & 1,500 & \\\hline \text { Supplies } & 5,000 & \\\hline \text { Accounts Payable } & & \$ 500 \\\hline \text { R. Jackson, Capital } & & 16,200 \\\hline \text { R. Jackson, Withdrawals } & 1,000 & \\\hline \text { Service Revenue } & & 20,000 \\\hline \text { Utilities Expense } & 2,000 & \\\hline \text { Salaries Expense } & 1,200 & \\\hline \text { Totals } & \$ 36,700 & \$ 36,700 \\\hline\end{array}$
Using the information in the table, calculate Jackson Consulting's reported net income for the period.

• A) $16,800
• B) $15,800.
• C) $23,200
• D) $10,300.
• E) $15,300

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Definitions:

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