MERCHANDISING ACCOUNTING Parts of the retail income statement Jones Cu...uny has the following account balances, extracted from its multiple-step income statement for the current year. Required: Compute the missing amounts. Sales $ Sales Returns and Allowances 4.200 Sales Discounts 4,900 Net Sales 110,700 Cost of Goods Sold 52,600 Gross Profit Selling Expenses 0 10,400 0 General and Administrative Expenses Total Operating Expenses Net Income 38.400 X 5