Mr. Lincoln, a CPA, is preparing an income statement for Wind & Rain, Inc. Based on the following accounts and account balances, what would he report as Net Income for Wind & Rain, Inc.?

Wage Payable	$3,500
Revenue	$7,000
Cash	$1,500
Wages Expense	$2,500
Utilities Expense	$4,000

	-$1,500
	$500
	$5,000
	$5,500

Question