10. The main objective of this exercise is to assist the learner to begin to understand: 11 1. The difference between measurement of financial performance and financial value. 2. The difference between the Profit and Loss Statement, and the Balance Sheet. 18 Which tems are expenses and 19 which tems are hcome but there 20 are just enough cols to 21 accommodate the information. Work 22 out how much profit the business 2.) oarned in the yoar. Task 1 Table 1 Your information Bicycle Sales $20,000, Telephonet \$350, Wages $5,000, insurance Costs $1,000, Apparoi Sales $5,000, Repar income $5,000, Bigyele inventory Cost of Goods Sold $10,000; Facily Maintenance \$1,000, Rent $4,000, Apporel inventory Costs of Goods Sold $2,500, Electricily $7,500, Markating $1,000