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 cost of 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 you determine net income?