Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $44,000 2) borrowed $27,000 from its bank 3) provided consulting services for $42,000 4) paid back $17,000 of the bank loan 5) paid rent expense for $10,000 6) purchased equipment costing $14,000 7) paid $3,200 dividends to stockholders 8) paid employees' salaries, $23,000 What is Yowell's net income?

Multiple Choice:

-17,000

-3,200

-40,800

-9,000

Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $44,000 2) borrowed $27,000 from its bank 3) provided consulting services for $42,000 4) paid back $17,000 of the bank loan 5) paid rent expense for $10,000 6) purchased equipment costing $14,000 7) paid $3,200 dividends to stockholders 8) paid employees' salaries, $23,000 What is Yowell's net income