The profit and loss statement for the period ending 30 June 2011 shows total revenue of $550,000 and total expenses of $522,353, resulting in a net loss of $301,353. Revenue was generated from sales of bicycles and accessories, coaching, repair shop services, and other income from activities like cycling tours. Expenses included cost of goods sold, operating expenses such as salaries, rent, utilities, and set-up costs including fit-out of the workshop, office, and display areas. Some of the set-up costs like tiles installed in 2010 may not be deductible as they relate to GST obligations from when the business commenced in September 2010.