(The following data is used in questions 37 through 40) Timmons Corporation is a small wholesaler of gourmet food products. All sales are on credit. Budget data regarding the store's operations for the next three months are as follows: Monthly Data January February Math Other Cash Expenses Sales Cash Collections $185,000 $235,000 $215,000 $181,000 $242,000 $221,000 Cash Disbursements Food Product $106,500 $111,000 $105,100 $77,000 $77,000 $77,000 $8,000 $8,000 $8,000 $5,000 $5,000 $5,000 January Cash $51,000 Depreciation Expense Cash Dividends Beginning Balances Retained Earnings $112,000 The company's cost of goods sold is 50% of sales. Timmons Corporation policy requires that the company maintain a minimum cash balance of $50,000 at the end of each month. The net income (loss) for the month of January would be: 7,500