Joe Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 $29,000 cash in the business in exchange for common stock. 2. Jackson contributed $104,000 of equipment to the business. 3. The company paid $2,400 cash to rent office space for the month of March 4. The company received $20,000 cash for repair services provided during Merch 5. The company paid $6,600 for salaries for the month of March. 6. The company provided $3,400 of services to customers on account. 7. The company paid cash of $900 for utilities for the month of March 8. The company received $3.500 cash in advance from a customer for repair services to be provided in April. 9. The company paid Jackson $5,400 cash as a dividend. Besed on this information, net income for March would be Multiple Choice $13,500 O $17.400 C $5.700 $8,000 $17500 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 $29,000 cash in the business in exchange for common stock. 2. Jackson contributed $104,000 of equipment to the business. 3. The company paid $2,400 cash to rent office space for the month of March 4. The company received $20,000 cash for repair services provided during Merch 5. The company paid $6,600 for salaries for the month of March. 6. The company provided $3,400 of services to customers on account. 7. The company paid cash of $900 for utilities for the month of March 8. The company received $3.500 cash in advance from a customer for repair services to be provided in April. 9. The company paid Jackson $5,400 cash as a dividend. Besed on this information, net income for March would be Multiple Choice $13,500 O $17.400 C $5.700 $8,000 $17500
Expert Answer:
Answer rating: 100% (QA)
Repair Service Revenue 20000 Repair service revenue ... View the full answer
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Posted Date:
Students also viewed these finance questions
-
On March 1 of the current year G, who operates a wholesale business, leased a new warehouse space and immediately spent $150,000 improving the interior of the building. The lease contract is for 4...
-
On March 1 of the current year, Johanne Stores acquired 100% of the voting shares of Ferry Furniture Company. Johanne only reports annually on a calendar basis. As part of the merger agreement,...
-
On March 1 of the current year, Alice, Bob, Carla, and Dick form Bear Corporation and transfer the following items: Property Transferred Alice purchased the land and building several years ago for...
-
A rectangular plate lying on the xy plane has sides 2 in the x direction and in the y direction, thickness h in direction z, and is made of a material with Young's modulus E, Poisson's ratio v, and...
-
Hanmi Group, a consumer electronics conglomerate, is reviewing its annual budget in wireless technology. It is considering investments in three different technologies to develop wireless...
-
During the first month of operations, OShea Plumbing, Inc., completed the following transactions: Jan 2O Shea received $33,000 cash and issued common stock to the stockholders. 3 Purchased supplies,...
-
James Lewis, a resident of Kentucky, sustained an injury while operating a Caterpillar bulldozer. He filed suit against Caterpillar, a company incorporated in Delaware but with its principal place of...
-
Managers at Wagner Fabricating Company are reviewing the economic feasibility of manufacturing a part that it currently purchases from a supplier. Forecasted annual demand for the part is 3200 units....
-
When a company lends money to employees at a rate of 4%, the company will record ______. Multiple choice question. a liability called Accounts Payable a liability called Notes Payable an asset called...
-
TourneSol Canada, Ltd. is a producer of high quality sunflower oil. The company buys raw sunflower seeds directly from large agricultural companies, and refines the seeds into sunflower oil that it...
-
Consider the following linear programming problem: 4x + 2x + 5x3 X1 x + x3 430 3x + 2x3 460 X + 4x 420 X1, X2, X3 20 where a is an unknown coefficient. Let ej be the excess variable for the first...
-
Do you have areas of agreement with Julian Assange and his concept Wikileaks? Why or Why not?
-
What is your "theory of change"? What are your assumptions about how social change might occur (for example, spiritually or secularly? Through individual actions or large group events? Single issue...
-
What is the nature and scope of the alcohol and/or drug abuse problem in the United States today on year 2022? For example, is this problem more significant today than it was in the past? What are...
-
Describe some front office strategies for communicating with guests, others in the front office and other hotel areas for each of these five requests. Identify five typical service requests that...
-
Discuss how video games either socially isolate us or allow us a means of interaction with others. If you choose isolation, discuss what the solution would be to reengage with us socially. If you...
-
A rectangular carpet measures 12m by 5m. Part of the carpet is covered by a square rug of length 2m. 12m What fraction of the carpet is covered by the rug?
-
Wal-Mart is the second largest retailer in the world. The data file on the disk holds monthly data on Wal-Marts revenue, along with several possibly related economic variables. a) Using computer...
-
The actual cash received from cash sales was $114,850, and the amount indicated by the cash register total was $114,975. Journalize the entry to record the cash receipts and cash sales.
-
Financial information related to Ebony Interiors for February and March 2014 is as follows: a. Prepare balance sheets for Ebony Interiors as of February 28 and March 31, 2014. b. Determine the amount...
-
The following bond investment transactions were completed during 2014 by Starks Company: Jan. 31. Purchased 75, $1,000 government bonds at 100 plus 30 days' accrued interest. The bonds pay 6% annual...
-
What ethical issues might arise during the fact-finding process, and how should they be handled?
-
Why are conventional files easy to design and implement?
-
Determine the business's or organization's requirements through interviews, forms, surveys, JAD, and the like, and create the appropriate models and studies for the Web site. Don't forget to consider...
Study smarter with the SolutionInn App