The operating cash flows and balance sheet excerpts of Schlee and Associates for the period ending December 31, 2015, follow. Compute net income for the period ending December 31,2015.

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OPERATING ACTIVITIES Cash inflows from sales Cash payments for inventories Cash payments for wages Cash payments for advertising Cash provided (used) by operating activities BALANCE SHEET EXCERPTS Accounts receivable Deferred revenues Inventory Accounts payable Salaries payable Prepaid advertising Accumulated depreciation $ 65,000 $(40,000) (6,000) (1,000) $18,000 2015 2014 $ 3,000 9,000 1,000 10,000 3,000 1,300 8,000 5,000 4,000 18,000 7,000 2,100 5,000 8,000