Calculate the net income for March

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Reference no: EM132234184

Question - Jeff Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred:

1. Jackson invested $42,000 cash in the business in exchange for common stock.

2. Jackson contributed $117,000 of equipment to the business.

3. The company paid $3,700 cash to rent office space for the month of March.

4. The company received $33,000 cash for repair services provided during March.

5. The company paid $7,900 for salaries for the month of March.

6. The company provided $4,700 of services to customers on account.

7. The company paid cash of $2,200 for utilities for the month of March.

8. The company received $4,800 cash in advance from a customer for repair services to be provided in April.

9. The company paid $6,700 in cash dividends.

Based on this information, calculate the net income for March?



Reference no: EM132234184

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