Farwell Company has the following information available from its most
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
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