Determine Preliminary net income. Here is the info:
Quick Cleaners, Inc., (QCI) has been in business for several years. It specializes in cleaning houses, but has some small business clients as well.
a. Issued $26,000 of QCI stock for cash.
b. Incurred $995 of utilities costs this month and will pay them next month.
c. Paid wages for the current month, totaling $2,100.
d. Performed cleaning services on account worth $3,450.
e. Some of Quick Cleaners’ equipment was repaired at a total cost of $272. The company paid the full amount immediately.