Duncan and Noble provides hair cutting services in the local community. In August, Carol Duncan, the owner, incurred the following operating costs to cut the hair of 200 clients:

Duncan and Noble earned $5,000 in revenues from haircuts for the month of August. What is the net operating income for the month? What is the cost of one haircut?

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Hair supplies expense...... Building rent expense. $ 700 1,100 Utilities..... Depreciation on equipment. 150 50