Status: QUESTION 8 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) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Arial V 10pt Click Save and Submit to save and submit. Click Save All Answers to save all answers