Use this information to answer the following question. 
In addition, beginning merchandise inventory was $22,000 and ending merchandise inventory was $14,000.
Net income for the period was
Definitions:
Compound Interest
Interest that is computed on both the original principal amount and the interest that has been added to it from past periods, for either a loan or deposit.
Future Value
The value of a current asset at a specified date in the future based on an assumed rate of growth or return.
Present Value
Today's equivalent value of a forthcoming sum of money or stream of payments, according to a specified interest rate.
Compound Interest
This refers to the method of calculating interest where the amount is based on the initial principal as well as the interest that has accumulated over prior periods for a loan or deposit.
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