Assume that you are the owner of Campus Connection, which specializes in items that interest students. At the end of January 2014, you find (for January only) this information:
a. Sales, per the cash register tapes, of $150.000, plus one sale on credit (a special situation) of $2,500.
b. With the help of a friend (who majored in accounting), you determine that all of the goods sold during January cost $70.000 to purchase.
c. During the month, according to the checkbook, you paid $37,000 for salaries, rent, supplies, advertising, and other expenses; however, you have not yet paid the $900 monthly utilities for January on the store and fixtures.
Required:On the basis of the data given (disregard income taxes), what was the amount of net income for January? Show computations.