Calculate the net income for 2023

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Reference no: EM133494910

Question: Pina Colada Video Company, a sole proprietorship, had the following information for 2023: Cash balance, January 1 $20,000 Total assets, December 31 $97,000 Accounts receivable, January 1 16,000 Cash balance, December 31 18,000 Collections from customers during year 196,000 Accounts receivable, December 31 37,000 Capital account balance, January 1 41,000 Merchandise taken for personal use 11,000 Total assets, January 1 59,000 Total liabilities, December 31 45,000 Cash investment by sole proprietor, July 1 5,000 Calculate the net income for 2023. Net income $ ?

Reference no: EM133494910

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