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.Acquired $6,800 cash by issuing common stock.Provided $3,100 of services on account.Paid $1,800 cash for operating expenses.Collected $2,300 of cash from customers in partial settlement of its accounts receivable.Paid a $140 cash dividend to stockholders.What is the amount of net income that will be reported on the Year 1 income statement?

A) $940
B) $1,300
C) $1,080
D) $800