BMO was formed in July 2019 with $25,000 of capital.

$9,000 of this was used to purchase equipment.

The owner budgeted for the following (in $000s) for his first quarter:

Month Sales Receipts of Accounts Receivable Purchases Payments on Accounts Payable Wages Expense Other Expenses

July $19 $0 $9 $6 $3 $1

Aug 31 21 16 9 4 2

Sept 41 31 21 19 6 4

Wages and other expenses are paid in cash. In addition to the above, depreciation is $3,000 per year. No inventory is held by the company. Required: Calculate the profit for the quarter ending September 30, 2019