Link Back to Chapter 1 (Balance Sheet. Income Statement). The owner of Biokinetic Engineering is selling the business. He offers the following trial balance to prospective buyers. Your best friend is considering buying Biokinetic. She seeks your advice in interpreting this information. Specifically, she asks whether this trial balance is the same as a balance sheet and an income statement. She also wonders whether Biokinetic is a sound business. After all, the company's accounts are in balance. BIOKINETIC ENGINEERING Trial Balance December 31, 20X4 Cash $ 7,000 Accounts receivable 6.000 Prepaid expenses. 4.000 Land 51,000 Accounts payable. $ 31.000 Note payable. 20,000 Avery Patella, capital. 33,000 Avery Patella, withdrawals. 21.000 Service revenue.. 72,000 Wage expense 28.000 Rent expense.. 14,000 Advertising expense 18.000 Supplies expense. 7,000 Total $156.000 $156,000 Required Write a short note to answer your friend's questions. To aid her decision, state how she can use the information on the trial balance to compute Biokinetic's net income or net loss for the current period. State the amount of net income or net loss in your note. Refer to Exhibit 1-7. page 20, if needed.