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Find how much was yellow bell net income

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Problem 1: During its first year of operations, Yellow Bell Co. provided services to customers for the value of $76,000. At the end of the year, $16,000 of the $76,000 remained in Accounts Receivable. Yellow Bell Co. also incurred expenses of $47,000, of which, $7,000 is remained in Accounts Payable at year end. How much was Yellow Bell's net income assuming they used the accrual method of accounting?

Option 1: $20,000
Option 2: $36,000
Option 3: $29,000
Option 4: $13,000

Reference no: EM132927932

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