Problem 1 Kingsford Customs was founded on 1 July 2018. At the end of first year's operations, the following summary of its activities has been prepared by the owner. (1) Borrowed cash of $80 000 from CAA Bank. (2) Employees earned $98 800 of wages, of which $50 000 is to be paid in the next accounting period. (3) Performed customized services that generated sales revenue of $353 300, of which S200 000 remained uncollected at the end of the year. (4) Other operating expenses, including phone bills and electricity that amounted to $16 800, were incurred during the year. Of this amount, $5 000 remained unpaid at the end of the year. Show the effect on net profit and cash of each of the above transactions for this accounting period. Net profit Cash flow ee