The Computer Store had the following revenue and expenses during the month ended July 31. Fees for computer repairs $ 41,600 Advertising expense 5,700 Salaries expense 18,500 Telephone expense 850 Fees for printer repairs 5,950 Utilities expense 1,300 Did the firm earn a net income or incur a net loss for the period? What was the amount?

Net profit = $21200

Explanation:

Giving the following information we need to calculate the net profit or loss:

Revenues:

Fees for computer repairs $ 41,600

Fees for printer repairs 5,950

Total revenues = 47550

Expenses: (-)

Advertising expense 5,700

Salaries expense 18,500

Telephone expense 850

Utilities expense 1,300

Total expense = 26350 (-)

Net profit = 21200