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 $3,800 1.150 12.450 6.214 1.670 13,730 Check Net Income $6.004 Accounts Payable Operating Expenses P. Juarez, Capital Cost of Goods Sold Inventory, December 31, 2021 Sales Accounts Receivable 2,675 Cash 1,456 Sales Returns and Allowances 209 Physical Count of Inventory, Dec 31, 2021 1,940 Sales Discounts 424 P8 20. Kim Andrews prepared the following income statement on a cash basis for Ed Sloan, MD Professional fees on the actual basis 120 min ED SLOAN, M.D. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2021 Professional Fees Eamed Expenses Net Income 500 00 00 1800 000 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 Uncarned Professional Fees 6,200 4.250