Reference no: EM132524769

The following information was taken from the accounting records of ABC Company for the period ended January 31, 2019:

Cash                                                                   $29,000
Retained Earnings                                                  $34,000 (at January 1, 2019)
Advertising Expense                                               $17,000
Cost of Goods Sold                                                $42,000
Rental Revenue                                                     $ 5,000
Supplies                                                              $21,000
Accounts Payable                                                 $50,000
Common Stock                                                     $74,000
Accumulated Depreciation                                      $26,000
Accounts Receivable                                             $60,000
Income Tax Expense                                              $19,000
Inventory                                                            $46,000
Wage Expense                                                      $14,000
Sales Revenue                                                      $98,000
Patent                                                                 $ 4,000
Buildings and Land                                                 $35,000

Question 1: Calculate the gross profit for the month of January.