Hal Smith opened Smith’s Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company’s books:
1. Smith invested $28,000 cash in the business.
2. Smith contributed $106,000 of equipment to the business.
3. The company paid $2,600 cash to rent office space for the month.
4. The company received $19,000 cash for repair services provided during March.
5. The company paid $6,800 for salaries for the month.
6. The company provided $3,600 of services to customers on account.
7. The company paid cash of $560 for monthly utilities.
8. The company received $3,700 cash in advance of providing repair services to a customer.
9. Smith withdrew $5,600 for his personal use from the company.
Based on this information, net income for March would be:
$12,640.
incorrect $16,340.
$7,040.
$10,740.
$16,440.