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Jackson Company reported the following: Cost of Goods Sold General, Selling, and Administrative Expenses Income Tax Expense Inventory Net Income Sales Revenue Sales Discounts Sales Returns & Allowances $ 274,000 14,000 4,590 16,500 94,360 395,000 5,000 3,050 What is the amount of gross profit? Apex company reported the following: Cost of Goods Sold General, Selling, and Administrative Expenses Income Tax Expense Inventory Net Income Sales Revenue Sales Discounts Sales Returns & Allowances $ 200,000 10,000 4,900 16,000 18,000 240,000 3,600 3,500 What is the amount of income from operations? Required information Community Corp. uses the perpetual inventory method to account for its merchandise transactions. Community entered into the following transactions during March: March 5 Community sold merchandise to Autumn Company for $210,000, terms 3/10, 1/30. The merchandise cost Community $168,000. March 8 Autumn returned $16,000 of the merchandise purchased on March 5. The returned merchandise cost Community $12,800. March 14 Community collected the payment due from Autumn. When recording the March 5 sale of merchandise, Community Corp would include a: debit to Sales Revenue for $210,000. credit to Accounts Receivable for $210,000, credit to Inventory for $210,000. debit to Cost of Goods Sold for $168,000. credit to Gross Profit for $42,000