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The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2013: Accounts payable $ 19,000 Accounts
The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2013: Accounts payable $ 19,000 Accounts receivable 11,000 Accumulated depreciation - equipment 28,000 Advertising expense 21,000 Cash 11,000 Common stock 40,000 Depreciation expense 12,000 Dividends 14,000 Insurance expense 3,000 Note payable, due 6/30/14 70,000 Prepaid insurance (12-month policy) 6,000 Rent expense 17,000 Retained earnings (1/1/13) 65,000 Salaries and wages expense 32,000 Service revenue 125,000 Supplies 4,000 Supplies expense 6,000 Equipment 210,000 What is the company's net income for the year ending December 31, 2013? O a) $20,000 Ob) $6,000 Oc) $34,000 d) $125,000
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