In February, Cycle had income from sales of $16,000.?
Expenses for the month included: rent-$1250; utilities: $450; employee wages: $4,800; insurance: $300; part and supplies: $2,700. The owner also incurs a monthly franchise fee equal to 5 percent of income for sales. What is the amount of profit (or loss) earned by Cycle for the month of February. Please help!