Joe jackson opened jackson's repairs, inc. on march 1 of the current year. during march, the following transactions occurred and were recorded in the company's books: 1. jackson invested $32,000 cash in the business. 2. jackson contributed $107,000 of equipment to the corporation. 3. the company paid $2,700 cash to rent office space for the month. 4. the company received $23,000 cash for repair services provided during march. 5. the company paid $6,900 for salaries for the month. 6. the company provided $3,700 of services to customers on account. 7. the company paid cash of $1,200 for monthly utilities. 8. the company received $3,800 cash in advance of providing repair services to a customer. based on this information, net income for march would be:
$20,500. $6,000. $15,900. $20,400. $7,700.

$15,900

Explanation:

Income statement  

Sales$ 26.700

Lease Expenses-$ 2.700

Salaries Expenses-$ 6.900

Utilities Expenses-$ 1.200

NET INCOME$ 15.900

The other items are a balance sheets entry that don't correspond to the Income Statement.

1. Jackson invested $32,000 cash in the business.

2. Jackson contributed $107,000 of equipment to the corporation.

8. The company received $3,800 cash in advance of providing repair services to a customer.

Option (c) is correct.

Explanation:

Total Expenses = Rent Expense + Utility expense + Salaries Expense

                          = $2,700 + $1,200 + $6,900

                          = $10,800

Revenue from Repair Service = $23,000 cash received +  $3700 provided on account

                                                 = $26,700

Net income = Revenue from Repair Service - Total Expenses

                   = $26,700 - $10,800

                   = $15,900

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