Crane Ltd. sells children's clothing. At the end of December 2024, it had the following adjusted account balances, which are listed in random order:
Cash $1,650
Wages Payable $275
Supplies Expense $2,310
Equipment $12,650
Wages Expense $13,750
Prepaid Rent $220
Cost of Goods Sold $17,600
Sales Revenue $36,550
Accounts Receivable $5,500
Rent Expense $2,640
Bank Loan Payable $2,090
Advertising Expense $410
Accounts Payable $2,745
Utilities Expense $330
Dividends Declared $660
Depreciation Expense $275
Common Shares $11,000
Telephone Expense $110
Interest Expense $165
Accumulated Depreciation, Equipment $825
Retained Earnings $9,680
Inventory $4,400
Repairs and Maintenance Expenses $220
Supplies $440
Interest Payable $165
(a) Identify the statement of income accounts and calculate the net income (or loss) for the year. (Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
