Regent Plumbing Corporation provides plumbing services. Selected transactions of Regent Plumbing Corporation are described as follows:
a) Completed a plumbing repair project for a local lawyer and received $3,500 cash. b) Paid $5,000 cash for equipment to be used for plumbing repairs. c) Borrowed $11,000 from a local bank and deposited the money in the checking account. d) Paid $900 rent for the year. e) Paid $200 cash for plumbing supplies to be used next year. f) Completed a plumbing repair project for a local lawyer and received $3,000 cash. Calculate the net income. Assume plumbing supplies of $200 are left at the end of the accounting period. A. $700B. $2,100C. $2,800D. $3,000
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