Jacob s Overhead Doors reports the following financial information Assets
Jacob’s Overhead Doors reports the following financial information:
Assets ............ $ 45,800
Liabilities ............ 15,230
Common Stock ......... 28,700
Dividends ........... 7,000
Revenues ............ 10,890
Expenses ............ ?

Requirements
1. Use the accounting equation to solve for the missing information.
2. Did Jacob’s Overhead Doors report net income or net loss?

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