www QUESTION 2 kununun (4marks) What is the gross profit and net profit for the year ended 30th June 2022 assuming the following information? The entity uses accrual accounting system. Show your calculations in the blank space below. Cancellable sales order to be delivered in July 2022 $24,000 Cash sales $42,000 Credit sales $140,000 Cost of goods sold $63,000 Cash received from accounts receivable $125,000 Wages paid $40,000 Wages owing at year-end $6,000 Payment to creditors $36,000 Ans: