Reference no: EM132750742
The following selected account balances were drawn from the financial statements of the XYZ Company at December 31, end of the accounting period.
Cash $15,000
Accounts Receivable $20,000
Salaries Expense $14,000
Service Revenue $30,000
Common Stock $13,700
Interest Expense $ 3,000
Salaries Payable $ 9,000
Ending Retained Earnings $34,000
Land $28,000
Unearned Revenue $ 6,300
Problem 1: Based on this information, the amount of net income shown on XYZ's 12/31 income statement is:
A. $28,000
B. $25,000
C. $15,000
D. $13,000
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