Question - Washington Company has the following account balances, extracted from its multiple-step income statement for the current year.
Required: Compute the missing amounts.
Sales $105,100
Sales Returns and Allowances?
Sales Discounts 4,700
Net Sales ?
Cost of Goods Sold 61,100
Gross Profit 36,800
Selling Expenses ?
General and Administrative Expenses 8,700
Total Operating Expenses 20,600
Net Income ?