Computer Maintenance and Repair Shop had the following revenue and expenses during the month ended July 31. Did the firm earn a net income or incur a net loss for the period? What was the amount?
Fees for computer repairs ......... $44,600
Advertising expense ........... 6,300
Salaries expense .............. 19,100
Telephone expense ............. 1,150
Fees for printer repairs .......... 6,550
Utilities expense ............. 1,600