Ace Builders had the following transactions in June: Earned $4,000 "on account;" collected $3,000 from a customer that was owed from a previous month; incurred $500 of repair expense and paid cash to the repairman; paid $1,200 to a supplier that it owed from the previous month; paid out $800 in cash drawings to the owner.
-How much was the Net income in June?
A) $500
B) $5,700
C) $2,700
D) $3,500

Question

Quizplus · Accepted Answer

D) Calculations: $4,000 - $500 = $3,500

Ace Builders Had the Following Transactions in June: Earned $4,000