1. These financial statement items are for ABC Corporation at year-end, December 31, 2011:
3. Salaries expense $20,000
4. Utilities expense 14,900
5. Equipment 15,900
6. Accounts Payable 6,220
7. Sales Revenue 69,600
8. Service Revenue 20,000
9. Common stock 29,400
10. Cost of Goods Sold (COGS) 38,700
11. Cash 10,140
12. Accounts receivable 8,780
13. Short-term investments 10,000
14. Dividends 14,000
15. Inventories ?
16. Salaries payable 5,000
17. Retained earnings (Jan. 1, 2011) 25,200
19. Calculate the net income for the year.

Net income of 4,000

Net income of 16,000

Net loss of 16,000

Net loss of 4,000