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5 . Tara s Treasures has the following balances: Sales $ 8 5 0 , 0 0 0 CR Cost of Goods Sold $ 4

5. Taras Treasures has the following balances:
Sales $850,000 CR
Cost of Goods Sold $480,000 DR
Sales Returns and Allowances $60,000 DR
Sales Discount $35,000 DR
Accounts Receivable $750,000 DR
Required: Calculate the following balances:
What is the Net Sales?_______________________
What is the Gross Profit?____________________

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