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Pinker Corporation began the year with cash of $142,000 and land that cost $24,800 . During the year Pinker earned service revenue of $280,000 and
Pinker Corporation began the year with cash of
$142,000
and land that cost
$24,800
. During the year Pinker earned service revenue of
$280,000
and had the following expenses: salar
$185,000
; rent,
$78,000
; and utilities,
$20,000
. At year-end Pinker's cash balance was down to
$15,000
. How much net income (or net loss) did Pinker experience for the year?
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