The following selected account balances were taken from
ABC Company's general ledgers for July:
July 1
Accounts payable
$26,000
Prepaid insurance
$33,000
Income tax payable
$14,000
Inventory
$68,000
Accounts receivable
$52,000
July 31
$49,000
$15,000
$22,000
$84,000
$71,000
ABC Company's statement of cash flows for July included
the following:
Cash collections from customers
$404,000
Cash paid to purchase inventory
$269,000
Cash paid for insurance
$ 57,000
Cash paid for income taxes
$ 31,000
ABC Company's income statement for July appears below:
Sales revenue
?
Cost of goods sold
?
Insurance expense
?
Income tax expense
?
Net income
?
Calculate ABC Company's net income for July.