Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions:

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions:
 

1) issued stock for $68,000
2) borrowed $39,000 from its bank
3) provided consulting services for $67,000 cash
4) paid back $29,000 of the bank loan
5) paid rent expense for $16,000
6) purchased equipment for $26,000 cash
7) paid $4,400 dividends to stockholders
8) paid employees' salaries of $35,000

What is Yowell's net income for Year 1?

 

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