During the year, cost of goods sold was $47,000; income from operations was $45,000; income tax expense was $8,700; interest expense was $6,700; and selling, general, and administrative expenses were $29,000.

Required:

Calculate net sales, gross profit, income before taxes, and net income.

Income Statement
Net sales
Cost of goods sold	47,000
Gross profit
Selling, general, and administrative expenses	29,000
Income from operations	45,000
Interest expense	6,700
Income before taxes
Income tax expense	8,700
Net income