Answer:
The net income is $94,450
Explanation:
For computing the net income first determine the total assets and total liabilities which is shown below:
For total assets
= cash + account receivable + store & office equipment
= $69,350 + $39,000 + $73,000
= $181,350
For total liabilities
= Account payable + note payable
= $13,300 + $3,400
]= $16,700
Now with the help of an accounting equation, the total stockholder equity is
Total assets = Total liabilities + common stock + net income
$181,350 = $16,700 + $70,200 + net income
So, the net income is $94,450
