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At the end of the year the Foxtrot Company reported the following information: Cash $4,000 Cost of goods sold $62,000 Payroll expense 12,000 Prepaid expenses
At the end of the year the Foxtrot Company reported the following information:
| Cash | $4,000 | Cost of goods sold | $62,000 | |
| Payroll expense | 12,000 | Prepaid expenses | 3,000 | |
| Revenue | 80,000 | Accounts receivable | 1,000 | |
| Inventory | 4,000 | Accounts payable | 2,000 | |
| Depreciation expense | 500 | Unearned revenue | 800 |
What is the company's net income?
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