3) George Jefferson Dry Cleaners experienced all of the following events during the month of November 2003.

a) Provided $800,000 of dry cleaning services to corporate customers on credit.

b) Paid employees $2,400,000 for work performed during October and November, half of the work relates to November.

c) Purchased $700,000 of cleaning supplies and detergents on account.

d) Consumed half of the cleaning supplies and detergents in operations during November 2003.

e) Received a $120,000 utility that relates to the month of November 2003. The bill will not be paid until December 15,2003.

f) Paid $700,000 to the supplier of cleaning supplies and detergents.

g) Collected $150,000 worth of receivables that relate to October 2003 credit sales.

h) Received $700,000 in advance payments for work that will not be done until December 2003.

i) Provided $2,000,000 of dry-cleaning services to Orlando area Hotels on credit.

Required:

a) Determine the net income or net loss for the month of November 2003.