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What is net income for period for duncan manufacturing co

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Reference no: EM132814060

Duncan Manufacturing Company began operations on January 1, 2011. During the year, it started and completed 50 units. The company has the following transactions:

1) Acquired $30,000 cash by issuing common stock for cash
2) Paid $10,000 for materials.
3) Paid $6,000 for administrative salaries.
4) Paid $8,000 for wages of production workers.
5) Depreciation of office furniture $2,500.
6) Depreciation of manufacturing equipment $3,500.
7) Collected $28,000 in cash for sales of 45 units.

problem 1: What is net income for the period?

a. $ 150
b. $1,500
c. $4,000
d. $4,250

Reference no: EM132814060

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