Calculate net profit Assume this is the first year of operations for the company. Using the following information calculate net profit before tax. $ Credit sales XXXXXXXXXXCash sales XXXXXXXXXXCash...

Calculate net profit Assume this is the first year of operations for the company. Using the following information calculate net profit before tax. $ Credit sales 300 000 Cash sales 100 000 Cash received from accounts receivable 160 000 Cost of goods sold 70 000 Cash purchases of inventory 90 000 Operating expenses paid 80 000 Operating expense incurred during the year but owing at year-end 30 000