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Cash 6,500 Notes Payable 85,000 Accounts Receivable 1,200 John Smith, Drawing 10,000 Supplies 400 John Smith, Capital 36,000 Prepaid Insurance Expense 800 Fees Earned 28,150

Cash 6,500 Notes Payable 85,000 Accounts Receivable 1,200 John Smith, Drawing 10,000 Supplies 400 John Smith, Capital 36,000 Prepaid Insurance Expense 800 Fees Earned 28,150 Land 10,000 Wages Expense 5,000 Buildings 150,000 Insurance Expense 1,200 Accumulated Depreciation 30,000 Rent Expense 1,500 Accounts Payable 350 Interest Expense 250 Wages Payable 6,800 Utilities Expense 700 Unearned Revenue 1,400 Miscellaneous Expense 150 What is the amount of net income or net loss? If loss, place negative sign before number

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