Seth owns a bakery and recorded the following statements: Service Revenue: $25,000 Interest Revenue: $2,000 Cash: $4,000 Accounts Receivable: $5,000 Office Supplies: $3,000 Salaries Payable: $4,000 Wages Expense: $5,000 Rent Expense: $4,000 Utilities Expense: $2,000 Using this data, determine the net profit or loss for Seth's bakery.

• a.)

  Net Loss of $21,000

• b.)

  Net Profit of $16,000

• c.)

  Net Profit of $2,000

• d.)

  Net Loss of $16,000