a)Can a business earn a gross profit but incur a net loss? Explain

b)On April 30, 2020, the balances of the accounts appearing in the ledger of MCO Enterprise are as follows:

Account

RM

Account

RM

Accumulated Depreciation - Building

620,000

Merchandise Inventory

245,000

Adibah, Capital

1,640,000

Notes Payable

83,350

Adibah, Drawing

220,000

Office Supplies

18,000

Administrative Expenses

135,000

Salaries Payable

13,000

Building

2,900,000

Sales

1,602,500

Cash

165,000

Selling Expenses

178,750

Cost of Merchandise Sold

950,000

Store Supplies

70,000

Interest Expense

2,500

You need to do a Multiple-Step Statement of Statement of Profit or Loss and Other Comprehensive Income or the year ended April 30, 2020 for MCO Enterprise