Hal smith opened smiths repairs on march 1 of the current, Ask an Expert

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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 $35,000 cash in the business.
2. Smith contributed $120,000 of equipment to the business.
3. The company paid $4,000 cash to rent office space for the month.
4. The company received $26,000 cash for repair services provided during March.
5. The company paid $8,200 for salaries for the month.
6. The company provided $5,000 of services to customers on account.
7. The company paid cash of $700 for monthly utilities.
8. The company received $5,100 cash in advance of providing repair services to a customer.
9. Smith withdrew $7,000 for his personal use from the company.

Based on this information, net income for March would be:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9981682

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