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XYZ Corporation had the following transactions during the month of May 2023: - Sales of $25,000 on account - Purchases of $15,000 on account -


XYZ Corporation had the following transactions during the month of May 2023:

- Sales of $25,000 on account
- Purchases of $15,000 on account
- Cash payments of $5,000 for expenses
- Cash collections of $12,000 from customers who had purchased on account

Calculate XYZ Corporation's net income for the month of May 2023.

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