Videohound Video Company, a sole proprietorship, had the following information for 2014:

Instructions
Calculate the net income for 2014.

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Cash balance, January 1 Accounts receivable, January 1 Collections from customers during year Capital account balance, January 1 Total assets, January 1 Cash nvestment added by sole $ 23,000 19,000 200,000 38,000 75,000 Total assets, December 31 Cash balance, December 31 Accounts receivable, December 31 Merchandise taken for personal use Total liabilities, December 31 $101,000 20,000 36,000 11,000 41,000 proprietor, July 1 5,000