Income Statement for Merchandiser
For the fiscal year, sales were $7,702,000, sales discounts were$148,000, sales returns and allowances were $111,000, and the costof merchandise sold was $4,440,000.
What was the amount of net sales and gross profit?
a) Net Sales?
b) Gross Profit?
c)If total operating expenses were $1,350,000, could youdetermine net income?
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