11. Salvedar Company reported the following balances at December 31, 2018 Sales Revenue $35.000 Sales Returns and Allowances 1.000 Sales Discounts 2,400 Cost of Goods Sold 20,000 Net sales for the month is a. $20,000 b. $23,400 C. $31,600 d. $35,000 12. During July, 2018, Chen's Supply Store generated revenues of $80,000. The company's expenses were as follows: cost of goods sold of $40,000 and operating expenses of $10,000. The company also had rent revenue of $5,500 and a loss on the sale of a equipment of $1,500. Chen's net income for the month of July, 2018, is a. $25,000. b. $34,000. c. $40,000. d. $80,000 13. During 2018, Elshafie Enterprises generated revenues of $65,000. The company's expenses were as follows: cost of goods sold of $35,000, operating expenses of $12,000 and a loss on the sale of equipment of $2,500 Elshafie's gross profit is a. $15,500. b. $23,000. c. $30,000 d. $65,000