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Tyler Upholstery Tyler has worked in furniture for the past 10 years. Tyler is convinced that he could open his own successful furniture business so he opened Classic Upholstery Shop. To get the business going. Tyler decided to invest heavily in advertising. He spent \\( \\$ 6,000 \\) on advertising aimed at consumers and another \\( \\$ 2,000 \\) on advertising aimed at getting work from interior decorators and interior design stores. Tyler also purchased industrial sewing machines costing \\( \\$ 4,000 \\) and other tools and equipment costing \\( \\$ 3,000 \\). He estimated that the sewing machines can be useful for about 5 years and that the other tools and equipment would last for 3 years before they would need to be replaced. At the end of the first year of business. Tyler had received \\( \\$ 80,000 \\) cash from customers for upholstery work. Tyler was owed another \\( \\$ 2,500 \\) from customers who are not required to pay cash, but are billed every 30 days. A review of Tyler's checkbook shows he paid the following expenses (in additioh to those mentioned previously) during the first year of business: Tyler's utility bill for the last month of the year has not arrived. He estimated that the bill will be \\( \\$ 320 \\). Tyler keeps some stock of upholstery fabric on hand. At the end of the year, \\( \\$ 14,000 \\) of the fabric purchased during the year was in his store stock. In addition, \\( \\$ 2,300 \\) in supplies had not been used. How much profit/loss did Tyler have in his first vear of business? At the end of the first year of business, Tyler had received \\( \\$ 80,000 \\) cash from customers for upholstery work. Iylet was owed another \\( \\$ 2,500 \\) from customers who are not required to pay cash, but are billed every 30 days. A review of Tyler's checkbook shows he paid the following expenses (in addition to those mentioned previously) during the first year of business: Tyler's utility bill for the last month of the year has not arrived. He estimated that the bill will be \\( \\$ 320 \\). Tyler keeps some stock of upholstery fabric on hand. At the end of the year, \\( \\$ 14,000 \\) of the fabric purchased during the year was in his store stock. In addition, \\$2,300 in supplies had not been used. How much profit/loss did Tyler have in his first year of business