Maria established a small business with the following transactions: 1. Invested $30,000 in the business. 2. Bought equipment for $8,000 cash. 3. Provided services for $15,000; the cost of providing these services was $9,000. 4. Paid rent expense of $2,000. 5. Purchased office supplies of $1,500 on account. What is Maria's net income after these transactions? A) $4,000 B) $5,500 C) $3,500 D) $4,500
Maria established a small business with the following transactions: 1. Invested $30,000 in the business. 2. Bought equipment for $8,000 cash. 3. Provided services for $15,000; the cost of providing these services was $9,000. 4. Paid rent expense of $2,000. 5. Purchased office supplies of $1,500 on account. What is Maria's net income after these transactions? A) $4,000 B) $5,500 C) $3,500 D) $4,500
Chapter3: Business Income And Expenses
Section: Chapter Questions
Problem 22MCQ
Related questions
Question
Hi expert please give me answer general accounting question
Transcribed Image Text:Maria established a small business with the following transactions:
1. Invested $30,000 in the business.
2. Bought equipment for $8,000 cash.
3. Provided services for $15,000; the cost of providing these services was $9,000.
4. Paid rent expense of $2,000.
5. Purchased office supplies of $1,500 on account.
What is Maria's net income after these transactions?
A) $4,000 B) $5,500 C) $3,500 D) $4,500
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you