Reference no: EM132483797

Question - Following is a list of account balances (except for owner's equity) of Wilson Mowing as of December 31 of the first year of operation:

Accounts receivable $2,500

Accounts payable 3,500

Salary expense 4,500

Repairs expense 800

Truck 8,500

Equipment 6,300

Notes payable 8,200

Cash 6,800

Supplies expense 1,600

Service revenue 31,900

Gasoline expense 3,800

Salary payable 200

The sole proprietor, J.D. Wilson, contributed $3,000 at the beginning of the year and made $12,000 in withdrawals during the year.

Required - At the end of the year, what is net income?

A) $21,200

B) $11,900

C) $12,200

D) $24,100