During August 2020, Shelby's Supply Store generated net sales of $65,000. The company's expenses were as follows: cost of goods sold of $33,000 and operating expenses of $7,000. The company also had rent revenue of $2,000 and a loss on disposal of plant assets of $3,000. Shelby's nonoperating income (loss) for the month of August 2020 is

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Nonoperating income (loss) is calculated by adding nonoperating revenues and subtracting nonoperating expenses. Rent revenue is $2,000 and the loss on disposal of plant assets is $3,000, resulting in a nonoperating loss of $(1,000).

During August 2020, Shelby's Supply Store Generated Net Sales of $65,000