Question $59(3$ points$)$

For the month of July, Blackfly Ltd$.$ experienced$/$recorded the $/$ wing transactions:

received a $$6000$ cash payment for work performed & billed the previous month.

replanted an area of northern Alberta forest for which it sent out an invoice totaling $$35000.$

At the beginning of the month, the company had $$2000$ of trees in inventory ready for planting.

During the month the company purchased $$7000$ tress for planting

at the end of the month it was left with trees still suitable for planting that originally cost $$2500.$

monthly expenses were: $$1500$ for office rent; $$3500$ in misc. expenses;

Amortization on the truck and office equipment was calculated to be $$1500$

The income tax rate is $10\%.$

Net Income for the month of July was

$$17900$

$$5959$