accounting-122

Hal Smith opened Smith’s Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company’s books: 1. Smith invested $28,000 cash in the business. 2. Smith contributed $106,000 of equipment to the business. 3. The company paid $2,600 cash to rent office space for the month. 4. The company received $19,000 cash for repair services provided during March. 5. The company paid $6,800 for salaries for the month. 6. The company provided $3,600 of services to customers on account. 7. The company paid cash of $560 for monthly utilities. 8. The company received $3,700 cash in advance of providing repair services to a customer. 9. Smith withdrew $5,600 for his personal use from the company. Based on this information, net income for March would be: → $12,640. incorrect $16,340. $7,040. $10,740. $16,440.

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