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Chocolate Treats has the following account balances: Cost of goods sold $390,000 Rent expense $45,000 Depreciation expense 12,500 Salaries expense 56,000 Insurance expense 3,100 Sales
Chocolate Treats has the following account balances:
Cost of goods sold | $390,000 | Rent expense | $45,000 | |||
Depreciation expense | 12,500 | Salaries expense | 56,000 | |||
Insurance expense | 3,100 | Sales | 575,000 | |||
Interest expense | 11,500 | Sales discounts | 5,500 | |||
Interest revenue | 9,200 | Sales returns and allowances | 16,500 |
Assuming Chocolate Treats uses a multiple-step income statement, calculate the following: (a) net sales, (b) gross profit, (c) operating expenses, (d) profit from operations, and (e) profit.
(a) Net sales | $ | |
(b) Gross profit | $ | |
(c) Operating expenses | $ | |
(d) Profit from operations | $ | |
(e) Profit | $ |
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