On December 1, Kate Holmes opened a speech and hearing clinic. During December, her firm had the following transactions involving
revenue and expenses.
Paid $3,100 for advertising.
Provided services for $2,800 in cash.
Paid $800 for telephone service.
Paid salaries of $2,600 to employees.
Provided services for $3,000 on credit.
Paid $450 for office cleaning service.
Did the firm earn a net income or incur a net loss for the period? What was the amount?