Question 1 - At the end of March 2017, Bella Services had the following accounts: Cash, $17,000; Inventory, $15,500; Equipment, $7,000 and Accounts Receivable $18,000. By the end of the month this company had: $27,000 of Revenues, $2,000 of Rent Expenses, $550 of Phone Expenses, and $500 of Insurance Expenses. Please, calculate the net income to be reported by the company at the end of this month.
Question 2 - At the end of April 2017, PychLoc Services had the following accounts: Cash, $17,000; Inventory, $15,500; Equipment, $7,000 and Accounts Receivable $18,000. By the end of the month this company had: $25,000 of Revenues, $2,000 of Rent Expenses, $550 of Phone Expenses, and $500 of Insurance Expenses. Please, calculate the net income to be reported by the company at the end of this month.