Following Is a List of Account Balances of Lincoln Lawn

Multiple Choice

Following is a list of account balances of Lincoln Lawn Services as of December 31,after the first year of operations. $$\begin{array} { | l | r | } \hline \text { Accounts Receivable } & \$ 7,000 \\\hline \text { Accounts Payable } & 6,000 \\\hline \text { Salaries Expense } & 6,000 \\\hline \text { Repairs Expense } & 900 \\\hline \text { Truck } & 8,000 \\\hline \text { Equipment } & 11,000 \\\hline \text { Notes Payable } & 26,000 \\\hline \text { Cash } & 8,000 \\\hline \text { Supplies Expense } & 11,000 \\\hline \text { Service Revenue } & 26,000 \\\hline \text { Gasoline Expense } & 7,500 \\\hline \text { Salaries Payable } & 1,200 \\\hline\end{array}$$ Calculate the net income.

A) $600
B) $32,500
C) $1,000
D) $33,500