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Question(s) / Instruction(s):

ACCT 2121 Following are the accounts and their balances for XYZ Corporation at 12/31/11. What is net income for the year?

Present your answer as a number with no commas or decimals.

Accounts Payable                   375

Accounts Receivable          4,750

Cash                                          4,000

Contributed Capital             5,000

Dividends                                1,000

Income Tax Expense          1,825

Retained Earnings               4,500

Salaries Expense                12,000

Service Revenue              19,000

Supplies                                   2,000

Supplies Expense                2,600

Utilities Expense                   700

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