Question
The assets and liabilities of Computer Service Corp. as of December 31, 2016, and revenues and expenses for the year ended on that date follow:
The assets and liabilities of Computer Service Corp. as of December 31, 2016, and revenues and expenses for the year ended on that date follow:
Land $8,200 Equipment .. $35,000
Note payable .. 31,000 Interest expense 4,650
Property tax expense 2,400 Interest payable .. 1,000
Rent expense .. 13,000 Accounts payable .. 9,000
Accounts receivable .. 26,500 Salary expense . 34,000
Service revenue . 143, 000 Building . 125,000
Supplies 1,900 Cash . 14,000
Utilities expense 2,700 Common stock .. 5,350
Beginning retained earnings was $114,000 and dividends totaled $36,000 for the year.
What was the net income of Computer Service Corp. for the year ended December 31, 2016?
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