Following is a random list showing the account balances of various assets, liabilities, revenues and expenses for Tim’s

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Following is a random list showing the account balances of
various assets, liabilities, revenues and expenses for Tim’s
Landscaping at December 31, 20X5, the end of its first year of
operations.
Accounts
receivable
$15,000
Accounts
payable
3,500
Salary expense

4,500
Repairs
expense
800
Truck

8,500
Equipment

6,300
Notes payable

8,200
Cash
6,800
Supplies
expense
1,600
Service
revenue
12,800
Gasoline
expense
800
Salary
payable
2,200
The owner, Tim Mower, invested $22,600 at the beginning of the
year and withdrew $5,000 during the year for personal use.
1.The net income/loss for the year was:
2.Total assets at December 31, 20X5, were:
3.Owner's equity at December 31, 20X5, was: