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Unformatted text preview: Amount of Net Income=$16,250 Simply done by taking Buckleys Sales and subtracting his incurred expenses $45,000 - $28,750 = $16,250 Carilli Collections, a professional service firm began operations on April 1, 2008. Here are its account balances on April 30, 2008: Accounts Payable $3,200 Accounts Receivable $1,000 Cash $4,000 Depreciation Expense $580 Equipment $14,000 Interest Expense $120 Notes Payable $10,000 Service Revenue $22,000 Selling Expense $5,000 Wage Expense $11,000 Wages Payable $500 Sales Revenue (-) Rent Expense(-) Wage Expense(-) Cost of Sales=Net Income Calculate Charillis Net income for April 2008 Amount of Net Income: $5300 [Type text] [Type text] I got this answer correct by taking Service revenue Wage Expenses Selling Expense Interest Expense Depreciation Expense So it turns into: 22,000 11,000 5,000 120 580 =$5,300...
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