Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.
- Lita Lopez invested $63,000 cash and office equipment valued at $31,000 in the company.
- The company purchased an office suite for $47,000 cash.
- The company purchased office equipment for $5,000 cash.
- The company purchased $3,700 of office supplies and $1,200 of office equipment on credit.
- The company paid a local newspaper $970 cash for printing an announcement of the office’s opening.
- The company completed a financial plan for a client and billed that client $4,500 for the service.
- The company designed a financial plan for another client and immediately collected a $8,900 cash fee.
- Lita Lopez withdrew $1,000 cash from the company for personal use.
- The company received $3,500 cash as partial payment from the client described in transaction f.
- The company made a partial payment of $600 cash on the equipment purchased in transaction d.
- The company paid $2,300 cash for the office secretary’s wages for this period.
figure out the net income?