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A company had the following transactions in the month of January: Sales of $10,000 on credit Purchases of $5,000 on credit Cash sales of $3,000
A company had the following transactions in the month of January:
- Sales of $10,000 on credit
- Purchases of $5,000 on credit
- Cash sales of $3,000
- Cash payments of $2,000 for expenses
- Collection of $7,000 from credit sales
- Payment of $4,000 to suppliers for credit purchases
What is the company's net income for the month of January?
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Financial Accounting A User Perspective
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
6th Canadian Edition
470676604, 978-0470676608
