On September 1, Allison opened a retail store that specializes in sports car accessories. The name of the store is "Toge Pass." The store is located at 617 Crandon Boulevard, Key Biscayne, FL 33149. The store uses the cash method of accounting for everything except inventory which is kept on an accrual basis. The store's EIN is 98-7321654. Allison purchased inventory in August and thus started her business on September 1 with $40,100 of inventory. The Toge Pass accountant provided the following financial information, which is attached in the image provided.

Income Statement Toge Pass Auto Parts Calendar Year 2018 Financial Statements in U.S. Dollars Revenue Gross Sales 64,050 Less: Sales Returns and Allowances 700 Net Sales 63,350 Cost of Goods Sold Beginning Inventory 40,100 Add Purchases 37,800 Inventory Available 77,900 Less: Ending Inventory 38,000 Cost of Goods Sold 39,900 Gross Profit (Loss) 23,450 Expenses Advertising 3.105 Dues and Subscriptions Gifts 180 Insurance 780 Interest 1,750 Legal and Professional Fees 315 Licenses and Fees 900 Miscellaneous 73 Office Expense 1,380 Payroll Taxes 510 Postage Rent 7,505 Repairs and Maintenance 437 Supplies 630 Telephone 800 Travel 940 Uniforms 400 Utilities 975 Vehicle Expenses Wages 3,400 Total Expenses 24,080 Net Operating Income 630 Other Income Gain (Loss) on Sale of Assets Interest Income Total Other Income Net Income (Loss) 630