Question: Please explain the solution to this general accounting problem using the correct accounting principles. Silver Peak Industries had revenue on account amounting to $7,200. Cash

Please explain the solution to this general accounting problem using the correct accounting principles.

Silver Peak Industries had revenue on account amounting to $7,200. Cash collections of accounts receivable totalled $3,500. Expenses for the period were $3,100, and the company paid dividends of $600. What was the net income for the period? A. $4,100 B. $3,500 C. $4,700 D. $3,000

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