Problem:
Assume Kader Company has the following reported amounts: Sales revenue $510,000, Sales returns and allowances $15, 000, Cost of goods sold $330,000, and Operating Expense: $110,000.
Required:
Question: Compute the following: (a) net sales, (b) gross profit, (c) income from operations, and (d) gross profit rate.
Note: Explain all steps comprehensively.