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What is the amount of operating income

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Question - The accountant for Polo's Pet Shop prepared the following list of account balances from the entity's records for the financial year ended June 30, 2021:

Sales Revenue

$196,000

Cash

$25,000

Accounts Receivable

14,500

Cost of Goods Sold

45,000

Equipment

56,000

Polo, Capital-1 July 2020

22,000

Accounts Payable

17,000

Notes Payable

15,000

General & Admin Expense

32,000

Inventory

1,500

Selling Expense

6,000

Accumulated Depreciation

12,000

Mortgage Payable

5,000

Land

66,000

Interest Expense

21,000

Required - What is the amount of operating income (EBIT) in the income statement and the amount of net profit for the financial year 2021?

Reference no: EM133168387

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