Revise the data in your spreadsheet based on the following assumptions, and then answer the questions that follow: Expenses: Assets: Advertising Expense Insurance expense Salaries expense Rent expense $10,800 16,800 45,800 6,800 Cash Accounts receivable Supplies Land $22,800 20,800 11,800 47,000 Liabilities: Salaries payable Notes payable 8,800 23,200 28o Revenues : Sare Revenues : Service revenue Interest revenue recense 90,800 5,800 5.800 Equity: common stockings Dividends: Dividends 5,800 Equity: Common stock Retained earnings 40,800 19,000 Required: 1. What is the Net Income/(Loss)? $19,000 $16,400 $17,800 $23,700 Assume the company has an increase in its Salaries Expense of 20% and a decrease in Service Revenue of 15%. Both of which will be settled after the year end. Adjust and recalculate the balances in the Income Statement and Balance Sheet. All sales are on account. 2. What is the revised balance of the Service Revenue account? $12,620 $77,180 $20,620 $38,620 3. What is the revised Net Income/(Loss)? $9,180 $(6,380) $15,180 O $2,180 4. What is the revised balance in the Retained Earnings account? $2,300 $7,300 $6,820 O $15,300