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E$1-6($Algo$)$ Analyzing Revenues and Expenses and Preparing an Income Statement LO$1-1$

$1$

points

Assume that you are the owner of Campus Connection, which specializes in items that interest students. At the end of January of the current year, you find $($for January only$)$ this information:

a$.$ Sales, per the cash register tapes, of $$111,000,$ plus one sale on credit $($a special situation$)$ of $$4,300.$

b$.$ With the help of a friend $($who majored in accounting$),$ you determine that all of the goods sold during January cost $$51,000$ to purchase.

eBook

c$.$ During the month, according to the checkbook, you paid $$41,000$ for salaries, rent, supplies, advertising, and other expenses; however, you have not yet paid the $$700$ monthly utilities for January.

Required:

On the basis of the data given $($disregard income taxes$),$ what was the amount of net income for January? $($Hint: A convenient form to use has the following major side captions: Revenues, Expenses, and the difference$-$Net Income.$)$

References

Net income