Elements of Comparative Financial Statements 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 2009.
2. Compute the net income or net loss for 2009.
3. Compute the total revenue for 2009.
4. Interpretive Question: Why are comparative financial statements generally of more value to users than statements for a single period?

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Maxwell Sons Company Comparative Balance Sheets As of December 31, 2009 and 2008 Liabilities and 2009 2008 Owners' Equity Assets Cash Accounts receivable Notes receivable Land $ 28,000 $19,000 Accounts payable 21,000 14,000 10,000 12,000 Salaries and commissions payable.... 43,000 43,000 Notes payable Total assets $102,000 $88,000 Capital stock. Retained earnings Total liabilities and owners' equity. 2009 2008 $ 9,000 $8,000 11,000 12,000 32,000 35,000 15,000 15,000 35,000 18,000 $102,000 $88,000