Calculating net sales, cost of goods sold, gross profit, and net income (30 min) GROUP C PROBLEMS (Excel templates for all questions are available in MyLab Accounting) P8-1C. On the basis of the accounts listed below, calculate a. Net sales b. Cost of goods sold c. Gross profit d. Net income Accounts Payable Operating Expenses P. Juarez, Capital Check Figur Net Income $6,004 $3,800 1,150 12,460 Cost of Goods Sold 6,214 Inventory, December 31, 2021 1,670 Sales 13,730 Accounts Receivable 2,675 Cash 1,456 Sales Returns and Allowances 208 Physical Count of Inventory, Dec. 31, 2021 1,940 Sales Discounts 424 Professional fees on the accrual basis (20 min) Sales A P8-2C. Kim Andrews prepared the following income statement on a cash basis for Ed Sloan, M.D: ED SLOAN, M.D. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2021 Professional Fees Earned Expenses Net Income. 5000000 1800000 3200000 Ed Sloan has requested information from Kim as to what his professional fees earned would be under the accrual-basis system of accounting, Kim has asked you to provide Dr. Sloan with this information, basing it on the following facts that Kim ignored in the original preparation of the financial report: 2020 2021 Accrued Professional Fees $4,200 $5,300 Unearned Professional Fees 6,200 4,250