The following information relates to the operations for ASM Retailers Ltd for the year ended 30th June 2019. Calculate the NET PROFIT for the Company.

$ Sales 480

Goods Purchased 270

Motor Vehicle Expenses 7

Closing Inventory 26

Opening Inventory 15

Rent & Rates 24

Other Operating Income (Interest received) 14

Insurance Expense 5

Plant & Equipment 184

Repairs and Maintenance Plant & Equipment 3

Motor Vehicles 45

Depreciation Expense Plant & Equipment 13

Depreciation Expense Motor Vehicles 10

Accounts Payable 27

Heat, Light & Power 5

Telephone 3

Postage 2

Salaries & wages 54

Cash at bank 28

Loan Interest Payable 7

Advertising 9