Question

The following are all of the accounts of Mean Green Company that have a balance at the end of August, the company's first month of operation:

Accounts receivable $11,000
Cash $10,100
Equipment 39,700
Advertising expense 3,000
Service revenues earned 32,000
Accounts payable 13,800
Rent expense 1,500
J. Mullins, withdrawals 2,000
Office supplies 2,300
Salaries expense 9,000
Notes payable 22,500
J. Mullins, capital 10,300
All accounts have normal balances. a) Calculate net income.____________________________________