In each of the following equations supply the missing term(s): Bold Missing term.

a. Net sales = Gross sales - (______________________ + Sales returns and allowances).

b. Cost of goods sold = Beginning inventory + Net cost of purchases - ________ ________.

c. Gross margin = ________ ________ - Cost of goods sold.

d. Income from operations = __________ _________ - Operating expenses.

e. Net income = Income from operations + _________ ________ - ________ ________.