AB Ltd. presents the following selected accounts, all balances are after adjusting journal entries. All accounts have normal balances (accounts which are normally debits have debit balances here and visa-versa). Prepare a multi-step income statement. Accumulated Depreciation Office Equipment Advances from Customers 250 3,800 Advertising Expense 1,300 Depreciation Expense-Office Equipment 50 Insurance Expense Inventory at the end of the period 150 Inventory at beginning of the period 20,200 17,000 Office Salaries Expense 8,500 Office Supplies Expense 530 Purchases Discounts 550 Purchases Returns and Allowance 370 Purchases 12,976 Rent Expense Salaries Expense of Salespeople Sales Discounts Sales Returns and Allowances Sales Transportation In 1,000 12,976 1,180 1,760 47,050 Transportation Out 300 400 Required 1: AB's Net Sales for the period must have been: $| Required 2: AB's Cost of Goods Available for Sale for the period must have been: $ Required 3: AB's Cost of Goods Sold for the period must have been: $ Required 4: AB's Gross Profit on Sales in dollars for the period must have been: $ Required 5: AB's total Operating Expenses (not including COGS) for the period must have been: $ Required 6: AB's Net Income (loss) in dollars for the period must have been: $ < Prev 10 of 10 Next >