Compute net income for May based on the following transactions: May 14 Paid $1,200 for two weeks wages.
May 15 Performed $5,200 in consulting services on account.
May 17 Billed a customer $1,500 for services performed May 16.
May 20 Received $5,200 in payment for May 15 transaction.
May 22 Performed services and immediately collected $2,000.
May 31 Paid $500 for advertising in the local paper to take place in June.
A)$10,200
B)$ 5,300
C)$ 8,700
D)$13,900
E)$ 7,000

Question

Compute net income for May based on the following transactions:  May 14 Paid $1,200 for two weeks wages.
May 15 Performed $5,200 in consulting services on account.
May 17 Billed a customer $1,500 for services performed May 16.
May 20 Received $5,200 in payment for May 15 transaction.
May 22 Performed services and immediately collected $2,000.
May 31 Paid $500 for advertising in the local paper to take place in June.
A)$10,200 
B)$ 5,300 
C)$ 8,700 
D)$13,900 
E)$ 7,000

Quizplus · Accepted Answer

The Answer of Compute net income for May based on the following transactions:  May 14 Paid $1,200 for two weeks wages.
May 15 Performed $5,200 in consulting services on account.
May 17 Billed a customer $1,500 for services performed May 16.
May 20 Received $5,200 in payment for May 15 transaction.
May 22 Performed services and immediately collected $2,000.
May 31 Paid $500 for advertising in the local paper to take place in June.
A)$10,200 
B)$ 5,300 
C)$ 8,700 
D)$13,900 
E)$ 7,000

Compute Net Income for May Based on the Following Transactions