Some other information related to the year ended 30 June 2016: 

a. Credit sales, $130 000. 

b. Purchase of inventory on credit, $70 000. 

c. No dividends were declared or paid.

Required:
1. What was cost of goods sold for the period?
2. Assume accounts payable only relate to inventory. How much in cash was paid to accounts payable?
3. How much cash was received from accounts receivable?
4. What was the profit for the year?

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Assets 2016 2015 Liabilities and 2016 2015 Cash Inventory 50000 40000 shareholders' equity Accounts payable 45000 30000 60000 35000 Retained profits 36000 10000 Accounts receivable 71000 65000 Share capital 100000 100000 181000 140000 181000 140000