King Merchandising Company experienced the following transactions during Year $1$:

King purchased $$30,000$ of inventory on account.

King sold inventory on account that cost $$22,500$ for $$31,000.$

Cash payments on accounts payable were $$18,000.$

There was $$22,000$ cash collected from accounts receivable.

King also paid $$4,200$ cash for Selling & Administrative Expenses.

Assume that King started the accounting period with $$20,000$ in both Cash and Common Stock.