Post Utme Veritas University 2018 Accounting Question 8

A company uses the single-entry system of accounting. The following transactions occurred during the year: January 1: Cash 10,000 January 15: Accounts Receivable 5,000 February 1: Equipment 8,000 March 15: Salaries Expense 2,000 April 1: Inventory 6,000 May 15: Utilities Expense 1,500 June 1: Notes Payable 12,000 July 15: Rent Expense 3,000 August 1: Accounts Payable 9,000 September 15: Depreciation Expense 2,500 October 1: Common Stock 18,000 November 15: Retained Earnings 4,000 December 31: Cost of Goods Sold 15,000 What is the company's net income for the year?