A company had the following transactions during September, the first month of its operations: Issued 50,000 shares of common stock in exchange for $600,000. Purchased land for $400,000, using a $150,000 cash down payment and signing a note payable for the balance. Received $5,000 from a customer for services to be performed in December. Made a $60,000 payment on the note payable from the purchase of the land. Total monthly sales: Cash sales $50,000 Credit Sales: $17,000 Purchased equipment on credit for $63,000. Collected $8,000 from customers on account. Paid $2,000 for September employee wages. Received a utility bill for $500 which will be paid next month. What is net income for the month of September

Net income for the month of September is $451,000

Explanation:

Particulars                            Amount

Issue of common stock      600,000

Receipt from customer       5,000

Cash sales                           50,000

Collection from customer   8,000     663,000

Less:

Cash down-payment made            (150,000)

Payment made on notes payable  (60,000)

Employee wage paid                       (2,000)

Cash balance as at end of Sep.     451,000

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.