Jackson Consulting Had the Following Accounts and Balances at December

Jackson Consulting had the following accounts and balances at December 31: $\begin{array}{l}\begin{array}{lll} \text {Account}\\ \text { Cash}\\ \text { Accounts Receivable}\\ \text { Prepaid Insurance}\\ \text { Supplies}\\ \text { Accounts Payable}\\ \text { Common Stock}\\ \text { Retained Earnings}\\ \text { Dividends}\\ \text { Service Revenue}\\ \text { Utilities Expense}\\ \text { Salaries Expense}\\ \text { Totals}\\\end{array}\begin{array}{lll} \text {Debit }&\text {Credit}\\\$ 20,000 & \\6,000 & \\1,500 & \\5,000 & \\& \$ 500 \\& 9,000 \\& 7,200 \\1,000\\& 2,000\\ 2,000\\\underline {1,200} & \underline { \quad\quad\quad\quad } \\\underline {\$ 36,700}&\underline {\$ 36,700}\\\end{array}\end{array}$ Using the information in the table, calculate Jackson Consulting's reported net income for the period.

A) $16,800.
B) $15,800.
C) $15,300.
D) $10,300.
E) $23,200.

Correct Answer:

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