Jeff Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred:
Jackson invested $38,000 cash in the business.
Jackson contributed $113,000 of equipment to the business.
The company paid $3,300 cash to rent office space for the month of March.
The company received $29,000 cash for repair services provided during March.
The company paid $7,500 for salaries for the month of March.
The company provided $4,300 of services to customers on account.
The company paid cash of $1,800 for utilities for the month of March.
The company received $4,400 cash in advance from a customer for repair services to be provided in April.
Jackson withdrew $6,300 for his personal use from the company.
Based on this information, net income for March would be:
Multiple Choice
$7,100.
$26,500.
$6,600.
$20,700.
$26,400.
