Assume that you are the owner of Campus Connection, which specializes in items that interest students At the end of January of the current year, you find (for January only) this information Sales, per the cash register tapes, of $150,000, plus one sale on credit (a special situation) of $2,500 With the help of a friend (who majored in accounting), you determine that all of the goods sold during January cost $70,000 to purchase During the month, according to the checkbook, you paid $37,000 for salaries, rent, supplies, advertising, and other expenses however, you have not yet paid the $900 monthly utilities for January Required On the basis of the data given (disregard income taxes), prepare an Income Statement What was the amount of net income for January Suggestions for completing this assignment Categorize the above dollar amounts into the following accounts and total each Cash Sales Credit Sales Cost of Goods Sold Salaries, Rent, Supplies, Other Expense Utilities Expense Prepare an Income Statement using the captions Revenues, Expenses, Net Income

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Assume that you are the owner of Campus Connection, which specializes in items that interest students. At the end of January of the current year,

Assume that you are the owner of Campus Connection, which specializes in items that interest students. At the end of January of the current year, you find (for January only) this information:

Sales, per the cash register tapes, of $150,000, plus one sale on credit (a special situation) of $2,500.
With the help of a friend (who majored in accounting), you determine that all of the goods sold during January cost $70,000 to purchase.
During the month, according to the checkbook, you paid $37,000 for salaries, rent, supplies, advertising, and other expenses; however, you have not yet paid the $900 monthly utilities for January.

Required:

On the basis of the data given (disregard income taxes), prepare an Income Statement. What was the amount of net income for January?

Suggestions for completing this assignment:

Categorize the above dollar amounts into the following accounts and total each. Cash Sales Credit Sales Cost of Goods Sold Salaries, Rent, Supplies, & Other Expense Utilities Expense
Prepare an Income Statement using the captions: Revenues, Expenses, & Net Income