Reference no: EM133181012
Question - Assume that you are the owner of The University Shop, which specializes in items that interest students. At the end of September 2021, you find (for September only) the following:
a. Sales, per the cash register tapes, of $131,000, plus one sale on credit (a special situation) of $2,200.
b. With the help of a friend (who majored in accounting), you determined that all of the goods sold during September had cost $46,000 to purchase.
c. During the month, according to the cheque book, you paid $42,800 for salaries, rent, supplies, advertising, and other expenses; however, you have not yet paid the $1,800 monthly utilities for September.
Required - What was the amount of net earnings for September (disregard income taxes)?
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