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Orange Ltd. had the following account balances at December 31, 2021:
| Account Name | Amount |
| Repair expense | $1,375 |
| Advertising expense | 800 |
| Prepaid expenses | 1,200 |
| Dividends | 3,675 |
| Purchase of intangibles | 900 |
| Cash (end of year) | 52,250 |
| Deferred revenue | 1,375 |
| Owner's capital | 24,000 |
| Accounts payable | 18,625 |
| Prepaid insurance | 1,800 |
| Collections from customers | 45,650 |
| Insurance expense | 2,300 |
| Contributions by owners | 15,000 |
| Accounts receivable | 22,075 |
| Cash (beginning of year) | 6,775 |
| Retained earnings (beginning of year) | 3,700 |
| Interest expense | 750 |
| Business licence | 60 |
| Payment of dividends | 3,675 |
| Website design | 840 |
| Service revenue | 17,450 |
| Cash received from debt | 25,000 |
| Income tax expense | 2,600 |
| Supplies | 1,125 |
| Supplies expense | 350 |
| Payments to suppliers | 35,600 |
| Bank loan payable, due in 2025 | 25,000 |
| Website expense | 650 |
| Income tax payable | 1,700 |
Question 70
What is Profit before Income Tax (also called Income before Income Tax) on this company's single step income statement?
Question 71
What is Profit (also called Net Income) on this company's single step income statement?
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