Below are accounts from statement of financial position and Income statement dated on December 31, 2020 for Bens Inc., a merchandising business.

All amounts are expressed in Canadian dollars and report normal balance.

Account	Balance
Accounts payable	$ 4,360
Accounts receivable	$ 200
Advertising expense	$ 3,200
Bank loan payable	$ 8,000
Building (net value)	$ 26,100
Cash	$ 34,000
Common shares	$ 16,000
Cost of goods sold	$ 92,000
Depreciation expense, Building	$ 4,400
Income tax payable	To determine
Interest expense	$ 600
Inventory	$ 10,800
Land	$ 16,000
Prepaid rent	$ 9,200
Rent expense	$ 1,000
Retained earnings (opening balance January 1, 2020)	$ 46,020
Sales revenue	$ 168,000
Supplies	$ 400
Supplies expense	$ 200
Unearned revenue	$ 2,400
Wages expense	$ 18,000

1- Calculate Gross profit

2- Operating expenses

3- Operating income (profit from operations)

4- Other revenues and expenses

5- Income before income tax

6- income tax expense (30% tax)

7- Net income