Question
Assume that you are the owner of The University Shop, which specializes in items that interest students. At the end of September of the current
Assume that you are the owner of The University Shop, which specializes in items that interest students. At the end of September of the current year. you find the following information (for September only: a. Sales, per the cash register tapes, of $133.000, plus one sale on credit (a special situation) of $2.400. b. With the help of a friend (who majored in accounting), you determined that all of the goods sold during September had cost $42000 to purchase. c. During the month, according to the cheque book, you paid $43.600 for salaries, rent, supplies, advertising, and other expenses: however, you have not yet paid the $2.000 monthly utilities for September. Required: 1. What was the amount of net earnings for September (disregard income taxes)?
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