Ferguson's Computer Repairs, Inc

question 133

Multiple Choice

Ferguson's Computer Repairs, Inc. opened on February 1 of the current year. During February, the following transactions occurred and were recorded in the company's books: 1. The owner invested $20,000 cash in the business.
2) The contributed $50,000 of equipment to the corporation.
3) The company paid $1,000 cash to rent office space for the month.
4) The company provided $6,000 of services for cash during February.
5) The company paid $2,200 for salaries for the month.
6) The company provided $3,000 of services to customers on account.
7) The company paid cash of $800 for monthly utilities.
8) The company paid a cash dividend of $500 to the owner.
Based on this information, net income for February would be:

• A)$5,000.
• B)$4,200.
• C)$25,000.
• D)$24,200.
• E)$9,000.

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