ABC Services reported the following transactions for September,2013.
A.The owner opened the business with a capital contribution of $23,500 cash.It was credited to Capital.
B.The business purchased office equipment for $11,500.The business paid $2,500 down and put the balance on a note payable.
C.The business paid a utility bill for $980 cash.
D.The business paid $2,000 cash for September rent.
E.The business had sales of $15,000 in September.Of these sales,60% were cash sales,and the balance was credit sales.
F.The business paid $9,700 cash for office furniture.
What is the net income for September,2013?

Question

ABC Services reported the following transactions for September,2013. 
A.The owner opened the business with a capital contribution of $23,500 cash.It was credited to Capital.
B.The business purchased office equipment for $11,500.The business paid $2,500 down and put the balance on a note payable.
C.The business paid a utility bill for $980 cash.
D.The business paid $2,000 cash for September rent.
E.The business had sales of $15,000 in September.Of these sales,60% were cash sales,and the balance was credit sales.
F.The business paid $9,700 cash for office furniture.
What is the net income for September,2013?

Quizplus · Accepted Answer

A) Calculations: $12,020 (Sales of $15,000 - expenses of $2,980)

ABC Services Reported the Following Transactions for September,2013