What is the amount of net income on the income statement for the year? A company's financial records at the end of the year including the following amounts: Cash 70,000 Account Receivable 28,000 Supplies 4,000 Account payable 10,000 Notes Payable 5,000 Retained Earnings Beginning of year 17,000 Common Stock 40,000 Service Revenue 53,000 Wages Expense Advertising Expense Rent Expense 8,000 5,000 10,000 38,000 30,000 88,000 47,000