Nathan started a business called BrightTech Solutions and completed the following transactions: 1. Invested $25,000 into the business. 2. Purchased supplies worth $3,000 on account. 3. Sold goods for $12,000; these goods cost $7,000. 4. Paid salaries of $1,500. What is Nathan's net income after these transactions? Options: A) $3,500 B) $4,000 C) $2,500 D) $5,000
Nathan started a business called BrightTech Solutions and completed the following transactions: 1. Invested $25,000 into the business. 2. Purchased supplies worth $3,000 on account. 3. Sold goods for $12,000; these goods cost $7,000. 4. Paid salaries of $1,500. What is Nathan's net income after these transactions? Options: A) $3,500 B) $4,000 C) $2,500 D) $5,000
Chapter3: Income Sources
Section: Chapter Questions
Problem 79P
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Transcribed Image Text:Nathan started a business called BrightTech Solutions and completed the
following transactions:
1. Invested $25,000 into the business.
2. Purchased supplies worth $3,000 on account.
3. Sold goods for $12,000; these goods cost $7,000.
4. Paid salaries of $1,500.
What is Nathan's net income after these transactions?
Options:
A) $3,500
B) $4,000
C) $2,500
D) $5,000
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