please solve it with explanation Exercise 110 Part Level Sub

please solve it with explanation

Exercise 1-10 (Part Level Submission) Swifty Corporation is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2017. Service revenue (from camping fees) $137,280 Sales revenue (from general store) 26,000 Accounts payable Cash Equipment $9,360 52,000 131,040 5,720 41,600 Retained earnings (1/1/2017) 5,200 Dividends Notes payable Expenses during 2017 11,440 8,840 Supplies 118,560 Common stock Determine Swifty Corporation\'s net income for 2017. Swifty Corporation\'s net income for 2017

Solution

(a) Net income = Service revenue from camping fees + Sales revenue from general store - Expenses = $137,280 + $26,000 - $131,040 = $32,240