Tyler Smith decided to start a new upholstery business in 2020. To get started, he invested $10,000 from his personal savings. He also purchased a truck for the business by borrowing $10,000 and a computer system by borrowing another $4,000. His truck is expected to last 10 years and his computer system is expected to last 5 years at which time he plans to buy a new system.

His company provided upholstery services to clients for $82,500 of which he collected $80,000 in cash and one customer who still owes him $2500.

The business checking account also notes the following payments during the year:

1. Rent paid = $4800
2. Insurance paid = $3200 (2-year policy)
3. Wages paid to part time employee = $9200
4. Supplies purchased = $10,000
5. Fabric purchased = $28,000
6. Utilities paid = $2600
7. Advertising paid = $10,000 (all ads were run during the year)
8. Miscellaneous items purchased and used = $1700

Also, its important to note that at the end of the year, the business still had $2300 worth of supplies on hand and $2,000 in unused fabric. The company also has not paid for the last months utility bill of $220 (December). Finally, the business still owes the part-time employee $300 for work completed up until 12-31, but not yet paid.

Question: Did Tyler Smiths Upholstery Company make a profit or loss during 2020?