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

question 87

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.

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.
Jackson withdrew $5,000 for his personal use from the company.
Based on this information, net income for March would be:

• A) $8,400.
• B) $13,500.
• C) $5,300.
• D) $13,400.
• E) $10,300.

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Definitions:

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing to allocate resources in a certain way.

Linear Production

A production process where there is a constant ratio of inputs to outputs, typically represented by a straight line in graphical analysis.

Cabbages

Leafy green, red, or white biennial plants grown as cool-season vegetables, often used in salads and other dishes.

Opportunity Cost

The overlook of beneficial possibilities from various options due to the selection of a singular alternative.