Nelson Company Experienced the Following Transactions During Year 1, Its

Multiple Choice

Nelson Company experienced the following transactions during Year 1, its first year in operation.Issued $7,000 of common stock to stockholdersProvided $3,300 of services on accountPaid $1,850 cash for operating expensesCollected $2,400 of cash from accounts receivablePaid a $150 cash dividend to stockholdersWhat is the net income that will be reported for Year 1?

A) $1,050
B) $1,450
C) $900
D) $1,300