The assets, liabilities, owner's equity, revenue, and expenses of Philpott Company, a proprietorship, have the following final balances at December 31, 2015, 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, 2015. What is Philpott Company's net income or net loss for 2015?

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