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Dobson Corporation began the year with cash of $31,500 and a computer that cost $21,000. During the year, Dobson earned sales revenue of $110,000 and
Dobson Corporation began the year with cash of $31,500 and a computer that cost $21,000. During the year, Dobson earned sales revenue of $110,000 and had the following expenses: salaries, $57,000; rent, $5,000; and utilities, $5,000. At year-end, Dobson's cash balance was down to $13,000. How much net income (or net loss) did Dobson experience for the year? A. $(18,500) B. $105,000 C. $43,000 D. $110,000
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