Find the preliminary net income

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Sysco, formed in 1969, is America's largest marketer and distributor of food service products, serving nearly 250,000 restaurants, hotels, schools, hospitals, and other institutions. The following transactions are typical of those that occurred in a recent year, but the amounts are simplified.

a. Borrowed $121,000 from a bank, signing a short-term note payable.

b. Provided $102,700 in service to customers, with $97,300 on account and the rest received in cash.

c. Purchased equipment for $140,000 in cash.

d. Paid employee wages of $2,100.

e. Received $530 on account from a customer.

f. Paid $5,850 cash for travel costs during the year.

g. Paid $9,300 cash on accounts payable.

h. Incurred $27,600 in utility expenses during the year, of which $22,200 was paid in cash and the rest owed on account.

Question 1: Find the preliminary net income

Reference no: EM132644004

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