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