Regent Plumbing Company Provides Plumbing Services

question 136

Multiple Choice

Regent Plumbing Company provides plumbing services.The company is a sole proprietorship.Selected transactions of Regent Plumbing Company are described as follows: a) Sharon Regent,the owner,contributed $6,000 cash in exchange for capital.
b) Paid $4,000 cash for equipment to be used for plumbing repairs.
c) Borrowed $10,000 from a local bank and deposited the money in the checking account.
d) Paid $700 rent for the year.
e) Paid $200 cash for plumbing supplies to be used next year.
f) Completed a plumbing repair project for a local lawyer and received $3,000 cash.
Calculate the net income.Assume plumbing supplies of $200 are left at the end of the accounting period.

• A) $500
• B) $2,800
• C) $3,000
• D) $2,300

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Definitions:

Reservoir Host

An organism that harbors a pathogen for an extended period, without being affected by it, serving as a source of infection for other species.

Pathogen

A biological agent that causes disease or illness to its host.

Carrier

An individual or entity that transports goods or people; in genetics, it also refers to someone who has one copy of a recessive gene for a disease.

Unpasteurized Milk

Milk that has not undergone pasteurization, a process to kill harmful bacteria by heating the milk for a short time.