The following data was taken from the books as at December 31, 2020 of Jericho Inc.: 
Instructions
a) Determine the gross profit and net income.
b) Calculate the balance in the retained earnings account as of December 31, 2020.
c) Calculate the working capital.
Definitions:
Furnace
A device used for high-temperature heating, commonly for residential heating or metallurgical processes.
Monthly Budget
A financial plan that allocates expected income towards expenses, savings, and debt repayment on a monthly basis.
Net Income
The amount of income that remains after deducting all expenses, taxes, and costs from gross income.
Savings Account
An account in which the bank pays interest for the use of the money deposited in the account.
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