Find Net Income Using the Following Transactions

Multiple Choice

Find net income using the following transactions.
1) Bill Co.paid $2,000 for one month rent
2) Bill Co.paid $1,200 for two weeks wages
3) Bill Co.performed $5,200 in consulting services on account
4) Bill Co billed a customer $1,500 for services performed
5) Bill Co.received $5,200 in payment for item 3
6) Bill Co performed services and immediately collected $2,000
7) Bill Co.paid $500 for advertising in the local paper

A) $10,200
B) $ 5,000
C) $ 8,700
D) $13,900
E) $ 7,000