Jaxson McCormick opened McCormick's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books:1. McCormick invested $25,000 cash in the business in exchange for common stock. 2. McCormick contributed $100,000 of equipment to the business. 3. The company paid $2,000 cash to rent office space for the month of March. 4. The company received $16,000 cash for repair services provided during March. 5. The company paid $6,200 for salaries for the month of March. 6. The company provided $3,000 of services to customers on account. 7. The company paid cash of $500 for utilities for the month of March. 8. The company received $3,100 cash in advance from a customer for repair services to be provided in April. 9.
The company paid Jackson $5,000 cash as a dividend. Based on this information, net income for March would be:
A. $13,400.
B. $5,300.
C. $13,500.
D. $8,400.
E. $10,300.
Answer: E
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