From the following Trial Balance of Eric's Electronics Ltd, calculate the gross profit and net profit...

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From the following Trial Balance of Eric's Electronics Ltd, calculate the gross profit and net profit figures for the year ending 31st December 2021. Show workings. Opening Inventory Purchases Revenue Wages and Salaries Rent and Rates Insurance Equipment Rental Distribution Expenses Administration Expenses Advertising and Sales Promotions Owner's Drawings Office Equipment Buildings Trade Payables Tax Owing Cash at Bank Bank Loan Repayable in 2025 Owner's Equity Credit Debit (£000) (£000) 25 215 20 12 8 6 15 18 6 10 18 50 12 415 325 25 4 16 45 415 Further Information: 1. Closing Inventory at 31st December 2021 was £35,000. 2. Provide depreciation for Buildings at 10% on a straight-line basis. 3. On 31st December 2021, rent owing was £1,000 and Insurance pre-paid was £2,000. (5 marks) From the following Trial Balance of Eric's Electronics Ltd, calculate the gross profit and net profit figures for the year ending 31st December 2021. Show workings. Opening Inventory Purchases Revenue Wages and Salaries Rent and Rates Insurance Equipment Rental Distribution Expenses Administration Expenses Advertising and Sales Promotions Owner's Drawings Office Equipment Buildings Trade Payables Tax Owing Cash at Bank Bank Loan Repayable in 2025 Owner's Equity Credit Debit (£000) (£000) 25 215 20 12 8 6 15 18 6 10 18 50 12 415 325 25 4 16 45 415 Further Information: 1. Closing Inventory at 31st December 2021 was £35,000. 2. Provide depreciation for Buildings at 10% on a straight-line basis. 3. On 31st December 2021, rent owing was £1,000 and Insurance pre-paid was £2,000. (5 marks)

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