During the year, cost of goods sold was $55,000; income from operations was $53,000; income tax expense was $9,500; interest expense was $7,500; and selling, general, and administrative expenses were $37,000. Required: Calculate net sales, gross profit, income before taxes, and net income. Income Statement Net sales Cost of goods sold Gross profit Selling, general, and administrative expenses Income from operations Interest expense Income before taxes Income tax expense Net income 55,000 37,000 53,000 7,500 9,500

During the year, cost of goods sold was $55,000; income from operations was $53,000; income tax expense was $9,500; interest expense was $7,500; and selling. general, and administrative expenses were $37,000. Required: Calculate net sales, gross profit, income before taxes, and net income