Jeff Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred: 1. Jackson invested $27,000 cash in the business in exchange for common stock. 2. Jackson contributed $102,000 of equipment to the business. 3. The company paid $2200 cash to rent office space for the month of March. 4. The company received $18,000 cash for repair services provided during March. 5. The company paid $6400 for salaries for the month of March. 6. The company provided $3200 of services to customers on account. 7. The company paid cash of $700 for utilities for the month of March. 8. The company received $3300 cash in advance from a customer for repair services to be provided in April. 9. The company paid $5200 in cash dividends. Based on this
information, net income for March would be:
A. $15,400.
B. $11,900.
C. $5500.
D. $8200.
E. $15,500.
Answer: B
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