What are the revenues, expenses, assets, and liabilities? From: Farwell Company

Question

What are the revenues, expenses, assets, and liabilities?
From: Farwell Company has the following information available from its most recent fiscal year. Use the relevant information to determine the net income (loss) for the period.A.Cash sales, $40,000 B.Employee salary expense, $30,000 C.Common stock issued for cash, $100,000 D.Sales on account, $58,000 E.Utility expense, $1,500 F.Long-term loan received, $50,000 G.Interest earned on investments, $100 H.Property tax expense, $10,000 I.Inventory purchased for resale, $120,000 J.Cost of inventory sold, $102,000 K.Insurance purchased for the next year, $4,800 L.Rent expense, $12,000
Source:ISBN: 0077475623 | Title: Introduction to Accounting: An Integrated Approach | Publisher: McGraw-Hill Higher Education

Explanation / Answer

Revenue= 58000+100+102000 Expense=1500+10000+120000+12000 Asset=40000+100000+4800 Liab=50000

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