Question # 2 Constructing Financial Statements: IFRS And The Framework of Accounting 1. A business has the following balances in its financial records: Income tax 30,000; Selling & administration expenses 80,000; Revenue 350,000; Interest expenses 15,000; Cost of Sales 190,000. Calculate the Gross Profit, Operating Profit, and the Net Profit after tax. 2. The following items appear in a statement of Financial Position: Receivables 200,000; Payables 350,000; Inventory 100,000; Non-current assets 750,000; Long-term loan 400,000. Calculate the amount of the Shareholders' funds that would be shown in the same Statement of Financial Position. 3. A business is completing its financial records for this financial year and realizes that it has not yet paid its energy bill for the last two months, which is yet to be received. The energy bill for the last three months of the previous financial year was $600,000. If the appropriate adjustment were made, how would appear in the Statement of Financial Position? Make partial Financial statements as needed in the questions above