$7\mathrm{.}4$A Extract a statement of profit or loss for the year ending $30$ June $2016$ for G$.$ Graham. The trial

balance as at $30$ June $2016$ after his first year of trading was as follows:

Inventory at $30$ June $2016$ was $29,304.$

$($Keep your answer; it will be used later in Review Question $8\mathrm{.}4$A$.)$

$8\mathrm{.}4$A Return to Review Question $7\mathrm{.}4$A and prepare a statement of financial position as at $30$ June