Subject: Financial Accounting Jacob started a business with the following transactions: 1. Invested $20,000 into the business. 2. Purchased supplies worth $2,000 on account. 3. Sold goods for $10,000; these goods cost $6,000. 4. Paid salaries of $1,000. What is Jacob's net income after these transactions?
Subject: Financial Accounting Jacob started a business with the following transactions: 1. Invested $20,000 into the business. 2. Purchased supplies worth $2,000 on account. 3. Sold goods for $10,000; these goods cost $6,000. 4. Paid salaries of $1,000. What is Jacob's net income after these transactions?
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 1CP
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Transcribed Image Text:Subject: Financial Accounting
Jacob started a business with the following transactions:
1. Invested $20,000 into the business.
2. Purchased supplies worth $2,000 on account.
3. Sold goods for $10,000; these goods cost $6,000.
4. Paid salaries of $1,000.
What is Jacob's net income after these transactions?
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