Let's say you own Campus Connection, which specializes in student interests. At the end of January of the current year (for January only) you will find the following information:

a. $112,000 in sales plus a $3,100 credit sale (a special case) based on cash register tapes.

b. With the help of a friend who graduated in accounting, you determined that all goods sold in January cost $48,000 to purchase.

c. During the month, you paid $42,000 for salaries, rent, supplies, advertising and other expenses, according to the checkbook; however, you have not yet paid the monthly utilities of $1,000 for stores and fixtures for January.

Necessary:

Based on the data given (ignoring income taxes), what was his net income in January? ( Tip: An easy-to-use form includes the following main headings: Revenue from sales, Expenses, and difference—Net Income.)

Answer rating: 100% (QA)

To calculate the net income for Campus Connection in Januar... View the full answer