Case 1: Franco Furniture store is trying to find out the amount of net income or loss for its first year of operation. The Accountant Stacey has suddenly left the job. The owner is supplying you the following information which he has managed to find from the accounts of the business for current year ended 31 December: Sales revenue (net) Cost of goods sold Accounts payable Interest revenue Cash at bank Office supplies expense Office Supplies in hand Rent expense Office salaries expense Sales salaries expense Interest expense Office Equipment Shop Equipment $113 040 71 280 3 200 870 32 ooo 720 2001 2 160 4 800 9 840 27 ooo Depreciation expense: office equipment S 1920 42 ooo Depreciation expense: sales equipment 2 880