Tutorial Question 3: Revenue/Expense recognition and Profit determination From 1 July 2021 to 30 June 2022, the following happened for XYZ Ltd.: a) Purchased $100,000 worth of inventory on credit. The company used a perpetual inventory system. b) Sold inventory costing $40,000 and received $80,000 in cash. c) Sold inventory costing $30,000 for $60,000 on credit. d) Paid $30,000 to suppliers of inventory for the credit purchase in point a. c) Estimated that about 2% of customers will return their products for a replacement and increased the Provision for Warranty based on this. f) Received $20,000 deposit from a customer for a service to be provided from July 2022. g) Paid $30,000 wages to employees. Required: (1) List the company's revenues for the year ended 30 June 2022 (2) List all the expenses for the year ended 30 Junc 2022 (3) What is the company's net profits for the year ended 30 June 2022? Ignore tax. Tutorial Question 3: Revenue/Expense recognition and Profit determination From 1 July 2021 to 30 June 2022, the following happened for XYZ Ltd.: a) Purchased $100,000 worth of inventory on credit. The company used a perpetual inventory system. b) Sold inventory costing $40,000 and received $80,000 in cash. c) Sold inventory costing $30,000 for $60,000 on credit. d) Paid $30,000 to suppliers of inventory for the credit purchase in point a. c) Estimated that about 2% of customers will return their products for a replacement and increased the Provision for Warranty based on this. f) Received $20,000 deposit from a customer for a service to be provided from July 2022. g) Paid $30,000 wages to employees. Required: (1) List the company's revenues for the year ended 30 June 2022 (2) List all the expenses for the year ended 30 Junc 2022 (3) What is the company's net profits for the year ended 30 June 2022? Ignore tax