1.		Stockholders invest $40,000 in cash in starting a real estate office operating as a corporation.
2.		Purchased $500 of supplies on credit.
3.		Purchased equipment for $25,000, paying $3,500 in cash and signed a 30-day, $21,500, note payable.
4.		Real estate commissions billed to clients amount to $4,000.
5.		Paid $700 in cash for the current month's rent.
6.		Paid $250 cash on account for office supplies purchased in transaction 2.
7.		Received a bill for $800 for advertising for the current month.
8.		Paid $2,500 cash for office salaries.
9.		Paid $1,200 cash dividends to stockholders.
10.		Received a check for $2,000 from a client in payment on account for commissions billed in transaction 4.

Determine what the net income or loss.

Determine what the net income or loss.

Net Income/loss

$

Answer rating: 100% (QA)

Income Statement Service Revenue 400000 ... View the full answer