ABC Services reported the following transactions for September, 2013. A) The own

ID: 2379569 • Letter: A

Question

ABC Services reported the following transactions for September, 2013.

A) The owner opened the business with a capital contribution of $23,500 cash. It was credited to Capital.

B) The business purchased office equipment for $11,500. The business paid $2,500 down and put the balance on a note payable.

C) The business paid a utility bill for $980 cash.

D) The business paid $2,000 cash for September rent.

E) The business had sales of $15,000 in September. Of these sales, 60% were cash sales, and the balance was credit sales.

F) The business paid $9,700 cash for office furniture.

What is the net income for September, 2013?

Net Income for Sept 2013 = $15000 - $980-$2000 = $12020

Capital, office furniture, equipment are not considered as Income