ue of $20,000 was earned; the company borrowed $4,000 from the bank; expenses of $13,000 were incurred; and $2,000 cash was distributed to the owners. What was Gin ter's net income? . a. $1,000 b. $5,000 c. $7,000 d. $11,000 The following information applies to questions 4 and 5. Snead Co. had the following events: Provided services to customers for $10,000 on account. b. Incurred operating expenses of $ 7,000 on account. Paid $5,000 on accounts payable. d. Made a cash distribution of $1,000. Received $6,000 cash from accounts receivable. f. Borrowed $2,000 from the bank. 4. What was net income for Snead? $1,000 b. $2,000 C. e. a. C. $3,000 d. $7,000 5. What was net cash flow from operating activities for Snead? a $1,000 b.$2,000 c.$3,000 d. $4,000 The following information applies to questions 6 - 9. The following account balances were drawn from the records of Hibbs Co. on December 31. Notes Payable $10,000 Expenses $25,000 Revenue 30,000 Accounts Receivable 10,000 Accounts Payable 2,000 Common Stock 11,000 Land 8,000 Dividends 2,000 Cash 12,000