Assume that you are the owner of College Connection, which specializes in items that interest students. At the end of January 2011, you find (for January only) this information:
a. Sales, per the cash register tapes, of $110,000, plus one sale on credit (a special situation) of $3,000.
b. With the help of a friend (who majored in accounting), you determine that all of the goods sold during January cost $50,000 to purchase.
c. During the month, according to the checkbook, you paid $37,000 for salaries, rent, supplies, advertising, and other expenses; however, you have not yet paid the $900 monthly utilities for January on the store and fixtures