Joe Jackson Opened Jackson's Repairs, Inc

question 155

Multiple Choice

Joe Jackson opened Jackson's Repairs, Inc. on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 1. Jackson invested $25,000 cash in the business.
2) Jackson contributed $100,000 of equipment to the corporation.
3) The company paid $2,000 cash to rent office space for the month.
4) The company received $16,000 cash for repair services provided during March.
5) The company paid $6,200 for salaries for the month.
6) The company provided $3,000 of services to customers on account.
7) The company paid cash of $500 for monthly utilities.
8) The company received $3,100 cash in advance of providing repair services to a customer.
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:

Business Plans

Detailed outlines that define the objectives, strategies, and operational actions for business ventures, aimed at achieving success.

Goals

Broad, long-term aims that guide actions and decisions within an organization or personal life.

Minority-Owned

Refers to a business that is at least 51% owned, operated, and controlled on a daily basis by one or more (in combination) racial or ethnic minorities.

Small Businesses

Enterprises characterized by smaller sizes in terms of employees and revenues, playing a crucial role in economic development and innovation.