Hi,

Please help me solving the following question:

E 4-6 Videohound Video Company, a sole proprietorship, had the following information for 2017:

Cash balance, January 1	$23,000	Total assets, December 31	$101,000
Accounts receivable, January 1	19,000	Cash balance, December 31	20,000
Collections from customers during year	200,000	Accounts receivable, December 31	36,000
Capital account balance, January 1	38,000	Merchandise taken for personal use	11,000
Total assets, January 1	75,000	Total liabilities, December 31	41,000
Cash investment by sole proprietor, July 1	5,000

Instructions

Calculate the net income for 2017.

Thank you