Regent Plumbing Corporation provides plumbing services Selected transactions of Regent Plumbing Corporation are described as follows: a) Received $7,000 cash and issued common stock to Sharon Regent b) Paid $5,000 cash for equipment to be used for plumbing repairs.
c) Borrowed $8,000 from a local bank and deposited the money in the checking account d) Paid $800 rent for the year. e) Paid $100 cash for plumbing supplies to be used next year. 1) Completed a plumbing repair project for a local lawyer and received $4,000 cash Calculate the net income. Assume plumbing supplies of $100 are left at the end of the accounting period OA. 53,200 OB. 5700 O C. 54.000 OD. $3.900