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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? A) $3,000 B) $4,000 C) $2,000 D) $1,000

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? A) $3,000 B) $4,000 C) $2,000 D) $1,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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? A) $3,000 B) $4,000 C) $2,000 D) $1,000
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? A) $3,000 B) $4,000 C) $2,000 D) $1,000
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