1. During the accounting period, Green Limited received $750000 from sales and paid out $580000 in wages and other expenses. However, an extra $260000 worth of sales were made during the year but the cash has not been collected yet. The company also owes $240 000 for various expenses. What is the accrual profit?
2. Green Limited purchased 3000 items for $5 each on credit and sells 2000 of these items on credit for $8. What is the sales revenue and cost of goods sold for the period?