If the total expense of a company is $35,000 and service revenue is $75000. What is the net income or loss of the company? Z. What is the basic purpose of preparing financial statements? 8 What does the credit term 3/10; net/40 mean? 2. Give two reasons for unequal debit and credit balance in a trial balance? 1 19. The company has a fixed asset machinery) that is purchased at the start of this year. That it had cost $250,000 had an estimated life of 15 years and is expected to have $ 50,000 value at the end of the 15 years Calculate the depreciation per year ing straight line method of depreciation