5 XYZ company provided the following information: Sales $30,000 Accounts payable 3,000 Selling expenses 4,000 Administrative expenses 5,500 Other revenues 10,000 Cost of goods sold 13,500 12,000 Cash 7,000 Other expenses Required: Calculate the following: (SHOW YOUR CALCULATIONS) 1. Gross profit 2. Net income/ loss (note: specify whether the company had net income or net loss) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) n BIUS Paragraph gross profit = net sales - cost of goods sold 30000 13500 = 16500 net income gross profit-expenses 16500- (4000+ 5500 + 7000)=0 V Arial V 10pt Spe All Answers to save all ans