The information shown in the table was taken from the work
sheet of Graff Home Repairs. What is the amount of the net income or
net loss for the period?
Total
Assets Total
Liabilities Capital Withdrawals Revenue Expenses
$34,819 $2,499 $32,000 $1,000 $3,230 $1,910
To calculate the net income or net loss, we need to subtract the total expenses from the total revenue.
Total Revenue - Total Expenses = Net Income/Net Loss
In this case,
Total Revenue = $3,230
Total Expenses = $1,910
Net Income/Net Loss = $3,230 - $1,910 = $1,320
Therefore, the amount of the net income or net loss for the period is $1,320.