Sparky Company experienced the following transactions during 2014: A. Issued Common Stock to investors in exchange for $5,000 cash. B. Provided $1,200 of services on account. C. Received $1,000 cash from customer for services to be performed over the next 3 months. D. Purchased $500 of supplies on account. E. Collected $900 of cash from accounts receivable. F. Paid $350 cash on accounts payable. G. Supplies of $200 were used during 2014. H. Completed 75% of the work for customer from transaction “C” above. I. Paid monthly wages of $400 and utilities of $300. The amount of Net Income recognized on Sparky Company’s 2014 Income Statement is:
Sparky Company experienced the following transactions during 2014:A. Issued Common Stock to investors in
exchange for $5,000 cash.
B. Provided $1,200 of services on account.
C. Received $1,000 cash from customer for services to be performed over the next 3 months.
D. Purchased $500 of supplies on account.
E. Collected $900 of cash from accounts receivable.
F. Paid $350 cash on accounts payable.
G. Supplies of $200 were used during 2014.
H. Completed 75% of the work for customer from transaction “C” above.
I. Paid monthly wages of $400 and utilities of $300.
The amount of Net Income recognized on Sparky Company’s 2014 Income Statement is:
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