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Crank
3 years ago
6

MC Qu. 166 Joe Jackson opened Jackson's... Joe Jackson opened Jackson's Repairs, Inc. on March 1 of the current year. During Mar

ch, the following transactions occurred and were recorded in the company's books: Jackson invested $25,000 cash in the business. Jackson contributed $100,000 of equipment to the corporation. The company paid $2,000 cash to rent office space for the month. The company received $16,000 cash for repair services provided during March. The company paid $6,200 for salaries for the month. The company provided $3,000 of services to customers on account. The company paid cash of $500 for monthly utilities. The company received $3,100 cash in advance of providing repair services to a customer. Based on this information, net income for March would be: A. $8,400. B. $5,300. C. $13,400. D. $10,300. E. $13,500.
Business
1 answer:
____ [38]3 years ago
6 0

Answer:

D. $ 10,300

Choice D is correct:  Net income = $ 10,300

Explanation:

Cash Received =                                 $ 16000

Less Rent Paid=                                    ( $ 2000)

Add income =                                          $ 3000

Less Salaries for the month of March = ($ 6200)

Less utilities paid                                       ($ <u>500)</u>

<u>Net income=</u>                                               $ 10,300

Treatments.

Net income is found by deducting expenses from revenues earned

$ 100,000 is the retained earnings so it is not accounted for net income.

Equipment is an asset so it is not accounted for net income.

Cash received is the revenue so it is accounted.

Rent is an expense account so it is subtracted.

Income for service $ 3000 provided is also taken into account on matching principle basis.

Advance received will be adjusted when the services will be rendered on matching principle.

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Answer:

A.rose making the interest rate fall

Explanation:

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The liquidity preference theory states that we hold money for transactive, speculative and precautionary motives.

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3 years ago
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The ruling in Gibbons v. Ogden asserted Congress's authority to adjust interstate trade on the idea of the Supremacy Clause. It set a precedent that Congress had the strength to overturn country rules if interstate commerce were worried.

The case introduced mild the problem of the trade Clause of the united states charter. It changed into a question of whether or not Congress ought to adjust positive factors of trade. It averted states from establishing similar monopolistic rail companies' legal guidelines, encouraging an increase in steamboat journey and cargo delivery. This increased change opportunities between states, boosting states' economies.

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8 0
2 years ago
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Decrease

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