Joe Jackson opened Jackson's Repairs, Inc. on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 

1. Jackson invested $45,000 cash in the business. 

2. Jackson contributed $120,000 of equipment to the corporation. 

3. The company paid $4,000 cash to rent office space for the month. 

4. The company received $36,000 cash for repair services provided during March. 

5. The company paid $8,200 for salaries for the month. 

6. The company provided $3,700 of services to customers on account. 

7. The company paid cash of $1,200 for monthly utilities. 

8. The company received $3,800 cash in advance of providing repair services to a customer.

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

• $20,500. 
• $6,000. 
• $15,900. 
• $20,400. 
• $7,700.

Answer rating: 100% (QA)

Answer Statement of Net Income Amount Revenue Revenue from Repair Service 26700 ... View the full answer