Technology World had the following revenue and expenses during the month ended July $31.$

Fees for computer repairs $ $44,600$

Advertising expense $6,300$

Salaries expense $19,100$

Telephone expense $1,150$

Fees for printer repairs $6,550$

Utilities expense $1,600$

Did the firm earn a net income or incur a net loss for the period? What was the amount?