Camrim Inc., experienced the following events in 2018, its first year of operation: Performed counseling services for $42,700 on account. On May 1, 2018, paid $8,800 cash to rent office space for the next 18 months.. Adjusted the accounts to reflect the amount of rent used during the year. Based on these three events, net income is $

$36833

Explanation:

The net income will be calculated as:

Service revenue = $42700

Less: Debt expense = $8800 × 8/12 = $5867

Net income = $42700 - $5867 = $36833.

Therefore, based on the information and the calculation solved above, we can see that the net income is $36833

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.