Question text

A firm has the following data from its financial records:

Prepaid expense	10
Insurance expense	5
Deferred revenue	40
Revenue	60
Salaries payable	30
Accounts receivable	20
Tax expense	8
Tax payable	12
Interest payable	4
Salaries expense	12
Inventory	16
COGS	22

What is net income (or net loss) for the period?

Prepaid expense	10
Insurance expense	5
Deferred revenue	40
Revenue	60
Salaries payable	30
Accounts receivable	20
Tax expense	8
Tax payable	12
Interest payable	4
Salaries expense	12
Inventory	16
COGS	22

Give your answer as a whole number, without commas and without currency symbols. If it is a net loss, put a minus sign directly in front of your answer.

Your answer should be in the form of: -XX if net loss; XX if net income