Question 5 The following are the financial statements of two companies in the high tech industry. Income Statements for the year ended 30 June 2022 Ace Corp Central Corp $ Sales 464,000 496,000 Less: Cost of sales Opening Stock 64,500 44,250 Purchases 190,000 285,000 254,500 329,250 Less: Closing stock 32.500 28.750 222,000 300.500 Gross Profit 242,000 195,500 Less: Depreciation 38,000 21,000 Other expenses 88,200 90,550 126.200 111,550 Net Profit 115,800 83,950 Balance Sheets as at 30 June 2022 Ace Corp Central Corp S $ Fixed Assets: Equipment at cost 380,000 420,000 Less Accumulated depreciation 152.000 168.000 Net Fixed Assets 228,000 252,000 Current Assets: Stock 10750 Accounts Receivab Bank Total Current Asse Total Assets Current Liabilities: Accounts Payables Equity: Opening Capital Add Net Profit ! 81.400 333,400 41,100 Less Dividends Total Equity 292,300 Total Liabilities a 333,400