Pittman Rose Beckman Jaffe
December 31, 2007:
Assets 80,000 100,000 120,000 150,000
Liabilities (50,000) (40,000) (75,000) (60,000)
Equity 30,000 60,000 45,000 90,000
December 31, 2008:
Assets 100,000 130,000 180,000 225,000
Liabilities (55,000) (62,000) (70,000) (80,000)
Equity 45,000 68,000 110,000 145,000
During 2008:
Total Revenues ? 400,000 ? 500,000
Total expenses 330,000 ? 360,000 ?

How do I calculate the total revenue and expense section?

The way you wrote your problem the members cannot tell what your numbers mean. For example your assets have 4 different numbers. At Dec 31, 2007 you should have a total assets number, which is your ending balance. Same thing goes for Liabilitites and Owners Equity. The ending year 2007 number will be your beginning year 2008 number.

To find Net Income for a year you need beginning and ending year Owners Equity. You will have to account for the change in Owners Equity during the year. If there was no owner investments then the change in Owners Equity will be due to net Income.

Here are all the formulas you will need to solve these types of problems based on your known amounts and what amounts you are trying to find:
Assets = Liabilities + Owners Equity
Liabilities = Assets - Owners Equity
Owners Equity = Assets - Liabilities

Owners Equity = Owners Investments - dividends or withdrawals + Net Income

Net Income = Revenues - Expenses