A Company's Financial Records at the End of the Year

A company's financial records at the end of the year included the following amounts: $\begin{array}{lr}\text { Cash } & \$ 70,000 \\\text { Accounts Receivable } & 28,000 \\\text { Supplies } & 4,000 \\\text { Accounts Payable } & 10,000 \\\text { Notes Payable } & 5,000 \\\text { Retained Earnings, beginning of year } & 17,000 \\\text { Common Stock } & 40,000 \\\text { Service Revenue } & 53,000 \\\text { Wages Expense } & 8,000 \\\text { Advertising Expense } & 5,000 \\\text { Rent Expense } & 10,000\end{array}$ What is the amount of net income on the income statement for the year?

A) $30,000
B) $38,000
C) $88,000
D) $47,000