Question: Activity 11 - Understanding the Income Statement and Balance Sheet 1. Revenues for the year are ( $ 25,000 ) and Net income is (

Activity 11 - Understanding the Income Statement and Balance Sheet 1. Revenues for the year are \$ \\$ 25,000 \$ and Net income is \$ \\$ 11,000 \$. What were expenses? \\[ \\begin{array}{l} \\text { Rev-Exp }=N I \\\\ 25,000-\\operatorname{Exp}=11,000 \\\\ \\operatorname{Exp}=14,000 \\end{array} \\]

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