Table 1-3 Ace Builders Had the Following Transactions in June: Earned $4,000

Multiple Choice

Table 1-3
Ace Builders had the following transactions in June: earned $4,000 "on account" that will be collected in cash next month; collected $3,000 from a customer that was owed from a previous month; incurred $500 of repair expense and paid cash to the repairman; paid $1,200 cash to a supplier that it owed from the previous month; paid out $800 in cash withdrawals to the owner.
-For Ace Builders, how much was the net income or net loss in June?

A) $6,500 net income
B) $3,500 net income
C) $5,300 net income
D) $2,500 net loss