Bevo Company was founded on Jan. 1st and on Dec. 31st, had the following account balances: Cash $10,000 Revenue $40,000 Accounts 5,000 Cost of Goods 15,000 Receivable Sold
Inventory 8,000 Rent Expense 1,500 Equipment 28,500 Advertising 2,000 Expense Accounts 5,000 Common 29,500 Payable stock Notes Payable 12,000 Dividends 5,000 What was the company's net income for the year?