CALCULATE NET INCOME

Sysco, formed in 1969 , is America's largest marketer and distributor of food service products, serving nearly 250,000 restaurants, hotels, schools, hospitals, and other institutions. The following transactions are typical of those that occurred in a recent year, but the amounts are simplified. a. Borrowed $80,000 from a bank, signing a short-term note payable. b. Provided $100,000 in service to customers, with $95,000 on account and the rest received in cash. c. Purchased equipment for $130,000 in cash. d. Incurred and paid employee wages of $1,000. e. Received $410 on account from a customer. f. Incurred and paid $4,000 cash for travel costs during the year. g. Paid $8,200 cash on accounts payable. h. Incurred $20,000 in utility expenses during the year, of which $15,000 was paid in cash and the rest owed on account. Sysco, formed in 1969 , is America's largest marketer and distributor of food service products, serving nearly 250,000 restaurants, hotels, schools, hospitals, and other institutions. The following transactions are typical of those that occurred in a recent year, but the amounts are simplified. a. Borrowed $80,000 from a bank, signing a short-term note payable. b. Provided $100,000 in service to customers, with $95,000 on account and the rest received in cash. c. Purchased equipment for $130,000 in cash. d. Incurred and paid employee wages of $1,000. e. Received $410 on account from a customer. f. Incurred and paid $4,000 cash for travel costs during the year. g. Paid $8,200 cash on accounts payable. h. Incurred $20,000 in utility expenses during the year, of which $15,000 was paid in cash and the rest owed on account