Reference no: EM133109330

Question - Markdown Dollar Store opened on January 1st. The initial investment was $10,000. The rent for the store is $2,000 per month. On January 1st Markdown Dollar Store paid the first and last month's rent. The shelves and other facilities were purchased for $5,000 in cash. Goods for resale were also purchased at a cost of $10,000, on credit, payable on February 15. Other expenses were $1,400 in January, all of which were paid for in cash. The sales were $12254 in cash and $2,000 on credit, which it is expected will be collected by the end of February. At the end of January, the inventory on hand had a cost of $7,000. Amortization on the shelves and other store fixtures is estimated at $100 for the month. Calculate the sales revenue for the month of January.