Abc company began operations in april 2007 by selling

Reference no: EM13614933

ABC Company began operations in April, 2007 by selling common stockto owners in exchange for $70,000. During 2007, ABC Companyentered into the following transactions:

(1.) On April 23, ABC Company purchased inventory for $40,000cash.
(2.) On May 1, ABC Company purchased a three-year insurance policyfro $18,000 cash.
(3.) On June 1, ABC Company received $45,000 cash from a customerfor services to be performed over the next 18 months.
(4.) On August 1, ABC Company sold one-half of the inventorypurchased on April 23 to a customer for $35,000 cash.

Calculate the amount of net income that ABC Company would report inits 2007 income statement after all the above transactions arerecorded and all necessary adjusting entries are made at December31, 2007. Don't use decimals in your answer.

Reference no: EM13614933

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