Cain Company reports net cash provided by operating activities of $30,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).

 Cain Company reports net cash provided by operating activities of $30,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).
 

Gain on sale of equipment    $ 8,000    Decrease in inventory    $ 4,000
Increase in accounts receivable    3,000    Increase in prepaid expenses    2,000
Depreciation expense    5,000    Decrease in wages payable    1,000

Determine Cain’s net income.

 

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