1. Willow Deng operates Spinnaker Pty Ltd, a private company selling sailing accessories. The following information is available to you for Spinnaker Pty Ltd's first year of operations ended 30 June 2016: sales revenue $57 800; accounts receivable $13 600; accounts payable $68 000; rent expense $3600; bank loan 17 000; share capital $34 000; equipment $48 960; cost of sales $32000; gas and electricity expense $2840; insurance expense $1000; supplies expense $680; cash $3400; taxation expense $3400. No dividends were declared for the period.

Prepare a statement of profit or loss for the financial year ended 30 June 2016 and a halon as at 30 June 2016 for Spinnaker Pty Ltd.