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XYZ company provided the following information: Sales $30,000 Accounts payable 3,000 Selling expenses 4.000 Administrative expenses 5,500 Other revenues 10,000 Cost of goods sold 13,500 Cash 12.000 Other expenses 7,000 Required: Calculate the following: (SHOW YOUR CALCULATIONS) 1. Gross profit 2. Net income/loss (note: specify whether the company had net income or net loss)