The following report is supplied by Maxwell Sons Company.

Operating expenses for the year included utilities of $5,700, salaries and commissions of $38,700, and miscellaneous expenses of $2,200. Income taxes for the year were $4,500, and the company paid dividends of $8,000.
Required:
1. Compute the total expenses, including taxes, incurred in 2012.
2. Compute the net income or net loss for 2012.
3. Compute the total revenue for 2012.
4. Interpretive Question: Why are comparative financial statements generally of more value to users than statements for a singleperiod?

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Maxwell Sons Company Comparative Balance Sheets As of December 31, 2012 and 2011 Liabilities and Assets Cash Accounts 2011 Owners' Equity S 28,000 $19,000 Accounts payable 2012 2012 2011 S 9,000 $ 8,000 Salaries and commissions receivable.. Notes receivable.. 10,000 12,000 Land .21,000 14,000 payable 11,000 12,000 32,000 35,000 15,000 15,000 35,000 18,000 43,000 43,000 Notes payable. Capital stoclk Retained earnings... Total liabilities and owners' equity Total assets.... S102,000 $88,000 102,000 $88,000