Compute the Net Income for 2022 Based on the Following

question 33

Essay

Compute the net income for 2022 based on the following amounts presented on the adjusted trial balance of Fley Company. $\begin{array}{lc}\text { Accumulated Depreciation - Equip. } & \$ 25,000 \\\text { Depreciation Expense }& 14,000 \\\text { Salaries and Wages Expense } & 25,000 \\\text { Service Revenue } &48,000 \\\text { Salaries and Wages Payable } & 7,000\end{array}$

---

Definitions:

Sale of Goods

A transactional agreement between a seller and a buyer for the exchange of personal property for a certain price.

Complete Construction

The process of finishing a building or construction project in all its parts, fully executed according to the plan and specifications.

Suit

A legal action taken by one party against another in a court of law.

Lakefront Property

Real estate located directly on the edge of a lake, often highly valued for its scenic views and access to water-based activities.