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What net income for march would be

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Reference no: EM133010572

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:

  1. Jackson invested $43,000 cash in the business in exchange for common stock.
  2. Jackson contributed $118,000 of equipment to the business.
  3. The company paid $3,800 cash to rent office space for the month of March.
  4. The company received $34,000 cash for repair services provided during March.
  5. The company paid $8,000 for salaries for the month of March.
  6. The company provided $4,800 of services to customers on account.
  7. The company paid cash of $2,300 for utilities for the month of March.
  8. The company received $4,900 cash in advance from a customer for repair services to be provided in April.
  9. The company paid Jackson $6,800 cash as a dividend.

Problem 1: Based on this information, net income for March would be:

Multiple Choice

Option 1: $24,700.
Option 2: $31,400.
Option 3: $7,100.
Option 4: $6,600.
Option 5: $31,500.

Reference no: EM133010572

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