XYZ company provided the following information: Sales $134,500 Accounts payable 15,500 Selling expenses 37,000 Administrative expenses 13,000 Other revenues 27,000 Cost of goods sold 95,000 Cash 24,000 Other expenses 22,000 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)