Sherman Lawn Service, Inc., has been open for one year, 1 answer below »

Sherman Lawn Service, Inc., has been open for one year, and Hannah Sherman, the owner, wants to know whether the business earned a net income or a net loss for the year. First, she must identify the revenues earned and the expenses incurred during the year.
Requirements
1. What are revenues and expenses?
2. If revenues increase, what would be the effect, if any, on equity?