Ocotillo Villas prepared the following adjusted trial balanc…
Ocotillo Villas prepared the following adjusted trial balance for the year ended December 31: Debits Credits Cash 45,000 Revenue 60,000 Common Stock 50,000 Depreciation Expense 8,000 Retained Earnings 15,000 Accounts receivable 15,000 Unearned revenue 12,000 Cost of goods sold 30,000 Equipment 40,000 Accumulated depreciation 14,000 Note payable to bank 23,000 Wages expense 6,000 Inventory 25,000 Dividends 5,000 Total $174,000 $174,000 Using the adjusted trial balance from above, what is Ocotillo Villas’ net income for the year ended December 31?