What is the net income? S1-14 (similar to of House of Computer, Inc:\'s first ei

Question

What is the net income? S1-14 (similar to of House of Computer, Inc:'s first eight transactions follows. The business only sold stock once and paid no dividends (Click the lcon to view the transactions) More Into Read the requirements Assets Liabilities Stockholders' equity Common Retained a. Eamed revenue for services p b. Received cash from customens c. Received cash for revenue ear d. Paid cash for expenses incurre e. Paid cash to purchase equipm f. Received utility bill in the mail g. Sold stock to start the business h. Purchased equipment with a b Accounts Accounts Note CashreceivableEquipmentpayablepayable stockeamings Description +$35,000 2 2,500 $35,000 +$2,500 25,000 25,000 $1,200 $1,200 800 d 6 +1,200 1,200C +700 - 700 +240 - 240 Requirement 2. If these transactions fully describe the operations of House of Computer, Inc., during the month, what was the amount of its net income or net loss? Net income of Choose from any list or enter any number in the input fields and then click Check Answer Clear All

Explanation / Answer

Service Revenue = $ 1200 + $ 1200 = $ 2400

Expenses = $ 800

Utility Bill = $240

Net Income = $ 2400 - $ 800 - $ 240 = $ 1360

Net Income of $ 1360

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