Activity 11 - Understanding the Income Statement and Balance Sheet 1. Revenues for the year are \\( \\$ 25,000 \\) and Net income is \\( \\$ 11,000 \\). What were expenses? \\[ \\begin{array}{l} \\text { Rev-Exp }=N I \\\\ 25,000-\\operatorname{Exp}=11,000 \\\\ \\operatorname{Exp}=14,000 \\end{array} \\]