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Did firm earn a net income or incur a net loss for period

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Problem 1: Last September, a computer repair service shop had the following transactions involving revenues and expenses. Did the firm earn a net income or incur a net loss for the period? What was the amount?

Paid Php8,500 for rent
Provided services for Php30,500 in cash
Paid Php1,500 for telephone service
Provided services for Php3,900 on credit
Paid salaries of Php 10,000 to employees
Paid Php1,000 for shop cleaning service

Reference no: EM132995950

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