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 $12,000 of common stock to stockholdersProvided $4,600 of services on accountPaid $3,200 cash for operating expensesCollected $3,800 of cash from accounts receivablePaid a $200 cash dividend to stockholders What is the net income that will be reported for Year 1?

A) $1,400
B) $800
C) $1,000
D) $1,200