Question - The list of account balances for Cayden Enterprises, a sole trader, at 31 March is:

Accounts payable $20,000; Accounts receivable $50,000; Accumulated depreciation - fixtures and fittings $5,000; Advertising expense $1,500; Capital $160,400; Cash at bank $100,000; Cost of sales $132,000; Depreciation expense - fixtures and fittings $2,500: Fixtures and fittings $12,000; Inventory $40,000; Land $25,000; Loan payable $20,000; Prepaid rent $ 1,200; Rent expense $3,800; Repairs expense $9,900; Sales revenue $172,500; Unearned revenue $3,500.

Calculate the following items that would appear in the Income Statement for the period ended 31 March. SHOW ALL WORKINGS.

GROSS PROFIT

NET PROFIT