The assets, liabilities, owner's equity, revenue, and expenses of Philpott Company, a proprietorship, have the following final balances at December 31, 2017, the end of its first year of business. To start the business, Brian Philpott invested $90,000.

Required Prepare the income statement of Philpott Company for the year ended December 31, 2017. What is Philpott Company's net income or net loss for 2017?

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Note Payable.50,000 18,000 12,000 90,000 610,000 35,000 30,000 ..100,000 Office Furniture.. Rent Utilities Expens. Accounts Payable B. Philpott, Capital. Service Revenue Office Supplies Salary Expense Salary Payable Research Expense 48,000 15,000 14,000 430,000 5,000 27,000 Supplies E