The following report is supplied by Smith Brothers Company.

Smith Brothers Company Comparative Balance Sheets As of December 31, 2000 and 1999 Liabilities and Assets 2000 1999 Owners' Equity 2000 Cash. $13,000 $15,000 Accounts payable...... $ 5,000 1999 $ 4,000 Accounts receivable.. 18,000 11,000 Salaries and commissions. Notes receivable 11,000 10,000 payable 8,000 8,000 Land 38,000 38,000 Notes payable. 25,000 27,000 Capital stock. 20,000 20,000 Total assets $80,000 $74,000 Retained earnings Total liabilities and owners' equity 22.000 15,000 $80,000 $74,000 Operating expenses for the year included utilities of $4,500, salaries and com- missions of $44,800, and miscellaneous expenses of $1,500. Income taxes for the year were $3,000, and the company paid dividends of $5,000. Required: 1. Compute the total expenses, including taxes, incurred in 2000. 2. Compute the net income or net loss for 2000. 3. Compute the total revenue for 2000. 4. Interpretive Question: Why are comparative financial statements generally of more value to users than statements for a single period?