Revenues	2013	2014	2015
Sales	1,292,400.00	1,305,324.00	1,318,377.24
Expenses
Payroll	770,654.00	786,067.08	817,509.76
Office	75,325.00	71,558.75	67,980.81
Advertising	198,456.00	218,301.60	261,961.92
Insurance	22,458.00	22,458.00	22,458.00
Training & Research	178,954.00	170,006.30	153,005.67
Service Charges	11,789.00	11,199.55	11,759.53
Total Operating Expenses	1,257,636.00	1,279,591.28	1,334,675.69
Net Operating Income/(Loss)	34,764.00	25,732.72	(16,298.45)
Create a 2016 budget using the following assumptions. For accounts where assumptions are not specified, use trend analysis
1. Payroll costs are expected to increase 5% due to merit raises
2. Service charges will remain constant.
3. Training and research are still critical components of the company and will actually increase by 7%.
What will be the budgeted net income or net loss after all assumptions and trends have been recorded?
(indicate if the figure is a net income or a net loss)