Zara started a business with 50,000 cash selling designer handbags on 1 July 2020. She bought inventory costing 25,000 for cash at the start of the month; She pays 2,400 for rent per quarter paid quarterly in advance; She pays 1,200 utility bills semi-annually in arrears; She sold handbags for 22,000 on credit, only 10,000 has been invoiced to customers; She sold 8,000 for cash; She received 1,000 payment in advance for handbags that have not been delivered to customers; The handbags sold cost her 18,000, the ones she has left cost her 7,000; She paid the sales assistant 2,000 in cash for their work in July. Required: Show your calculations on the followings for the month of July 2020: gross profit for the month a) b) c) d) operating expenses for the month total assets at the end of the month total liabilities at the end of the month (12 markel