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Potter Company reports the following line items at the end of the first year of operations: Long-Term Notes Payable Accounts Receivable Accounts Payable Building Cash
Potter Company reports the following line items at the end of the first year of operations: Long-Term Notes Payable Accounts Receivable Accounts Payable Building Cash and Cash Equivalents Salaries Expense Common Stock Interest Payable Land Short-term Investments Income Taxes Payable Equipment Supplies Service Revenue Supplies Expense Utilities Expense Income Tax Expense $50,000 $28,000 $37,000 $55,000 $80,000 $20,500 $134,000 $1,500 $40,000 $5,000 $10,000 $59,500 $5,000 $105,000 $20,000 $13,500 $11,000 What is net income? A. $105,000 B. $40,000 O C. $134,000 D. $60,500
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