Account Name Debit Credit

Sales $200,000

Sales Returns & Allowances $10,000

Purchases 88,000

Purchase Returns and Allowances 18,000

Freight In 12,000

Selling Expenses 80,000

The year-end physical inventory counts were: Beginning $15,000, Ending $10,000. Net Income is:

a) $23,000

b) $47,000

c) $103,000

d) $33,000

e) $28,000