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On January 1, Pruhart Company had these assets, liabilities, and equity: Cash...

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Accounting

On January 1, Pruhart Company had these assets, liabilities, and equity:

Cash $100
Inventory 140
Accounts Payable 70
Paid-in Capital 150
Retained Earnings 20

During the year, Pruhart Company entered into the following transactions:

a. Sold Inventory costing $80 for a total of $120. Cash of $30 was received, and the remaining $90 was put on account.

b. Paid cash for employee wages of $15.

c. Paid cash dividends of $10.

What is Pruhart Companys net income for the year?

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