Jill Spartan started a mobile ice cream service on January 2, 20X5, depositing $10,000 of her funds in a bank account in the name of Spartan Mobile Ice Cream. She purchased a fully equipped truck and operated the business on a cash accounting basis for the first year. She provided you with the following information: 1. She purchased a $30,000 fully equipped truck in early January that is depreciable at 25 percent per year. She paid $5,000 cash and financed $25,000 on a note at 6 percent interest. 2. She has $8,000 cash in the bank at the end of the year. 3. Her receipts for cash purchases of ice cream total $20,000. 4. The value of her ice cream inventory at the end of the year is $500. 5. She paid $1,500 cash for all truck operating costs. In addition, she has an unpaid invoice for a recent equipment repair in the amount of $400. 6. She paid $1,500 of interest on the loan and $2,000 to reduce the loan balance. 7. She took $1,500 a month from the business for twelve months to live on. For simplicity purposes treat this as wages expense. 8. She purchased $500 of supplies with cash during the year and has $100 on hand at the end of the year. 9. On October 30 , she invested $5,000 in a ninety-day certificate of deposit (an investment). Jill admitted she kept no record of the cash sales made during the year. Determine the cash sales for 205. Jill Spartan started a mobile ice cream service on January 2, 20X5, depositing $10,000 of her funds in a bank account in the name of Spartan Mobile Ice Cream. She purchased a fully equipped truck and operated the business on a cash accounting basis for the first year. She provided you with the following information: 1. She purchased a $30,000 fully equipped truck in early January that is depreciable at 25 percent per year. She paid $5,000 cash and financed $25,000 on a note at 6 percent interest. 2. She has $8,000 cash in the bank at the end of the year. 3. Her receipts for cash purchases of ice cream total $20,000. 4. The value of her ice cream inventory at the end of the year is $500. 5. She paid $1,500 cash for all truck operating costs. In addition, she has an unpaid invoice for a recent equipment repair in the amount of $400. 6. She paid $1,500 of interest on the loan and $2,000 to reduce the loan balance. 7. She took $1,500 a month from the business for twelve months to live on. For simplicity purposes treat this as wages expense. 8. She purchased $500 of supplies with cash during the year and has $100 on hand at the end of the year. 9. On October 30 , she invested $5,000 in a ninety-day certificate of deposit (an investment). Jill admitted she kept no record of the cash sales made during the year. What is the Net Income for the year 20X5 for Spartan Mobile Ice Cream? Jill Spartan started a mobile ice cream service on January 2, 20X5, depositing $10,000 of her funds in a bank account in the name of Spartan Mobile Ice Cream. She purchased a fully equipped truck and operated the business on a cash accounting basis for the first year. She provided you with the following information: 1. She purchased a $30,000 fully equipped truck in early January that is depreciable at 25 percent per year. She paid $5,000 cash and financed $25,000 on a note at 6 percent interest. 2. She has $8,000 cash in the bank at the end of the year. 3. Her receipts for cash purchases of ice cream total $20,000. 4. The value of her ice cream inventory at the end of the year is $500. 5. She paid $1,500 cash for all truck operating costs. In addition, she has an unpaid invoice for a recent equipment repair in the amount of $400. 6. She paid $1,500 of interest on the loan and $2,000 to reduce the loan balance. 7. She took $1,500 a month from the business for twelve months to live on. For simplicity purposes treat this as wages expense. 8. She purchased $500 of supplies with cash during the year and has $100 on hand at the end of the year. 9. On October 30 , she invested $5,000 in a ninety-day certificate of deposit (an investment). Jill admitted she kept no record of the cash sales made during the year. Determine the cash sales for 205. Jill Spartan started a mobile ice cream service on January 2, 20X5, depositing $10,000 of her funds in a bank account in the name of Spartan Mobile Ice Cream. She purchased a fully equipped truck and operated the business on a cash accounting basis for the first year. She provided you with the following information: 1. She purchased a $30,000 fully equipped truck in early January that is depreciable at 25 percent per year. She paid $5,000 cash and financed $25,000 on a note at 6 percent interest. 2. She has $8,000 cash in the bank at the end of the year. 3. Her receipts for cash purchases of ice cream total $20,000. 4. The value of her ice cream inventory at the end of the year is $500. 5. She paid $1,500 cash for all truck operating costs. In addition, she has an unpaid invoice for a recent equipment repair in the amount of $400. 6. She paid $1,500 of interest on the loan and $2,000 to reduce the loan balance. 7. She took $1,500 a month from the business for twelve months to live on. For simplicity purposes treat this as wages expense. 8. She purchased $500 of supplies with cash during the year and has $100 on hand at the end of the year. 9. On October 30 , she invested $5,000 in a ninety-day certificate of deposit (an investment). Jill admitted she kept no record of the cash sales made during the year. What is the Net Income for the year 20X5 for Spartan Mobile Ice Cream