Problem - Morgan Company has the following account balances, extracted from its multiple-step income statement for the current year.
Required: Compute the missing amounts.
Sales $120,600
Sales Returns and Allowances 4,600
Sales Discounts 4,100
Net Sales ?
Cost of Goods Sold 49,900
Gross Profit ?
Selling Expenses ?
General and Administrative Expenses 8,900
Total Operating Expenses ?
Net Income 42,100