what is the net income

J29 for 1000

J29 with------- 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 CASH 35 c 93 ooo ACCOUNTS RECEIVABLE LAND E UIPMENT G o 1 H 250.000 250 ooo DEPRECIATION EXPENSE 1,000 1 ooo N. o p 40.000 1 40 ooo GAIN ON DISPOSAL POST to T -Accounts: 1 o 22.000 22000 DEBIT 93.000 22.000 ACCUM. DEPR. E UIP. 1.000 1 1 ooo I. Company issued 100,000 shares of $1.00 par common stock for cash. 2. Company purchased equipment for $22,000 cash. 3. Company earned revenue of $40,000, all received in cash. '4. Company incurred $25,000 of expenses, all paid in cash. 15. Company recorded $1,000 of depreciation on the equipment. Suggested formulas CREDIT 1.000 100.000 40.000 CASH FLOW STATEMENT--INDIRECT METHOD--use minus sign for negative cash flows. 29 ACCOUNTS RECEIVAB 30 LAND 31 EQUIPMENT 32 ACCUM DEPR EQUIP. 33 ACCOUNTS PAYABLE 34 NOTES PAYABLE COMMON STOCK 36 RETAINED EARNINGS 37 SERVICE REVENUE NET INCOME + DEPRECIATION EXPENSE =CASH FLOW FROM OPERATIONS -PURCHASE OF EQUIPMENT = CASH FLOW FROM INVESTING +ISSUANCE OF COMMON STOCK -GASH FLOW FROM FINANCING 30 000 1.000 -22 ooo 100 ooo 1 1 -22000 1 1 100.000 1 ;J28+J29 {This should be negative Atash is going out { =J32 ALT-CASH FLOW