Income statement for merchandiser

Oct 16th, 2015
Anonymous
Category:
Business Finance
Price: $5 USD

Question description

For the fiscal year, sales were $8,135,000, sales discounts were $795,000, sales returns and allowances were $475,000, and the cost of merchandise sold was $5,1000,000.

A) what was the amount of net sales?

B) What was the amount of gross profit?

C) If total operating expenses were $1,350,000, could you determine net income?

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