Question - A company's financial records at the end of the year including the following amounts:
Cash $ 70,600
Accounts receivable 28,600
Supplies 4,600
Accounts payable 10,600
Notes payable 5,300
Retained earnings, beginning of year 17,600
Common stock 46,000
Service revenue 49,100
Wages expense 8,600
Advertising expense 5,600
Rent expense 10,600
What is the amount of net income on the income statement for the year?