Profit (loss), owner withdrawals, and owner investment cause equity to change. We also know that revenues less expenses equals profit (loss). Using the following information, calculate profit (loss)...

Extracted text: Profit (loss), owner withdrawals, and owner investment cause equity to change. We also know that revenues less expenses equals profit (loss). Using the following information, calculate profit (loss) for each independent situation. a. The business earned revenues of $540,000 and had expenses of $504,000.