You've been provided with the following Trial Balance. Calculate Gross Profit. Enter your answer as just numbers only - no dollar signs, commas or spaces.Cash 27,300Accounts Receivable 15,000Inventory 26,505Prepaid Expenses 5,420Motor vehicle 54,100Equipment 125,000Accounts Payable 27,000Unearned Revenue 5,600Wages Payable 8,000Bank Loan 50,000Share Capital 88,450Retained Earnings 24,275Dividends -2,000Revenue 81,000Cost of Sales -16,000Wages Expense -8,000Interest expense -250Marketing expense -2,800Insurance expense -1,950Calculate GROSS PROFIT

You've been provided with the following Trial BalanceCalculate TOTAL ASSETSCash 25,450Accounts Receivable 25,500Inventory 85,000Prepaid Expenses 4,950Motor vehicle 68,000Equipment 155,000Accounts Payable 35,000Unearned Revenue 8,000Wages Payable 15,000Bank Loan 50,000Share Capital 235,000Retained Earnings 10,000Dividends -5,000Revenue 53,650Cost of Sales -12,450Wages Expense -15,000Interest expense -2,500Marketing expense -2,800Insurance expense -5,000

Calculate NON-CURRENT LIABILITIES Cash 25,450Accounts Receivable 25,500Inventory 85,000Prepaid Expenses 4,950Motor vehicle 68,000Equipment 155,000Accounts Payable 35,000Unearned Revenue 8,000Wages Payable 15,000Bank Loan 50,000Share Capital 235,000Retained Earnings 10,000Dividends -5,000Revenue 53,650Cost of Sales -12,450Wages Expense -15,000Interest expense -2,500Marketing expense -2,800Insurance expense -5,000

Identify the different names given to the income statement.Define each of the following terms and, where relevant, write down the mathematical equation that would help in calculating the figure.SalesCost of goods soldGross profitNet profitCalculate the cost of goods sold (COGS), given the following information:  $Sales 700 000Stock (opening) 100 000Purchases of stock 400 000Closing stock 50 000Using the figures from question 3, calculate gross profit.Using your workings from questions 3 and 4, calculate the value of net profit (or loss) if expenses for the period totalled $80 000.Anita Toparis owns and operates Petal’s Florist. Last year Anita had a sales revenue of $285 000. Her cost of goods sold totalled $115 000. Her operating expenses were: electricity $5000, advertising $11 000, interest charges $5000, salaries $62 000 and rent $25 000. Construct an income statement (statement of financial performance) for Anita and tell her whether she has made a net profit.Distinguish between selling, administrative and financial expenses, giving examples for each.Explain how an income statement can provide useful information to a business and its stakeholders.

You've been provided with the following Trial BalanceCash           5,000Accounts Receivable           6,000Inventory           2,000Prepaid Expenses              500Property Plant Equipment         25,000Land         20,000Accounts Payable         10,000Unearned Revenue           2,500Wages Payable           3,500Bank Loan         20,000Share Capital         15,000Retained Earnings         10,000Dividends         (5,200)Revenue         15,000Cost of Sales         (6,500)Marketing Expense         (2,000)Rent Expense         (1,500)Wages Expense            (800)Utilities Expense         (1,500)Calculate GROSS PROFIT

Cash 25,450Accounts Receivable 25,500Inventory 85,000Prepaid Expenses 4,950Motor vehicle 68,000Equipment 155,000Accounts Payable 35,000Unearned Revenue 8,000Wages Payable 15,000Bank Loan 50,000Share Capital 235,000Retained Earnings 10,000Dividends -5,000Revenue 53,650Cost of Sales -12,450Wages Expense -15,000Interest expense -2,500Marketing expense -2,800Insurance expense -5,000Calculate NET PROFIT