The following information is taken from the financial statements for King Ltd for the year ended 30 June 2020.

The following information is taken from the financial statements for King Ltd for the year ended 30 June 2020. Extract from the Income statement is as follows: Sales revenue $ 60 870 Cost of sales $ 32 500 Depreciation $ 300 Other expenses including salaries and $ 2 000 wages Extract from the Statement of Financial Position is as follows: 2020 ($) 2019 ($) Accounts receivable 3 050 1 000 Inventory 2 800 1 600 Accounts payable for inventories purchased 4 000 3 550 Other accrued liabilities 900 735