Analyzing Revenues and Expenses and Preparing an Income Statement Assume that you are the owner of The University Shop, which specializes in items that interest students. At the end of September 2012, you find (for September only) the following:

a. Sales, per the cash register tapes, of \(\$ 119,000\), plus one sale on credit (a special situation) of \(\$ 1,000\).

b. With the help of a friend (who majored in accounting), you determined that all of the goods sold during September had cost \(\$ 40,000\) to purchase.

c. During the month, according to the chequebook, you paid \(\$ 38,000\) for salaries, rent, supplies, advertising, and other expenses; however, you have not yet paid the \(\$ 600\) monthly utilities for September.

Required:

On the basis of the data given, what was the amount of profit for September (disregard income taxes)? Show computations. (Hint: A convenient form to use has the following major side captions: Revenue from Sales, Expenses, and the difference-Profit for the period.)