This information is taken from the accounting records of Grant Company:

\section*{Instructions}
Working in groups of four or five students, determine these values:

(a) Net sales

(c) Income from operations

(b) Gross profit

(d) Net income

Transcribed Image Text:

Sales $150,000 Cost of Goods Sold 90,000 Sales Discounts 8,000 Operating Expenses 30,000 Sales Returns and Allowances 10,000 Merchandise Inventory 8,000 Interest Expense 3,000 Interest Revenue 2,000