Question 1 Eric and Sons are a shoe retail outlet. Their unadjusted statements for 2021 are as follows: Income statement 31 December 2021 Sales 990000 Cost of goods sold 613000 Gross profit 377000 Rent 102000 Salaries 74000 Sales and distribution 67500 Administration 80600 324100 Net profit 52900 Statement of financial position 31 December 2021 Non-current assets Building Motor vehicles Cost Acc Dep NBV 485000 116400 368600 216000 54000 162000 530600 Current assets Inventory 64600 Trade receivables 76800 Bank 18100 159500 690100 Total assets Equity and liabilities Capital 419000 Profit for the year 52900 471900 Non-current liabilities Loan (5%) 139200 139200 Current liabilities Trade payables 79000 79000 Total equity and liabilities 690100