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Morgan Company has the following account balances, extracted from itsmultiple-step income statementfor the current year. Required: Compute the missing amounts. Sales $120,600 Sales Returns and
Morgan Company has the following account balances, extracted from itsmultiple-step income statementfor the current year.Required:
Compute the missing amounts.
Sales
$120,600
Sales Returns and Allowances
4,600
Sales Discounts
4,100
Net Sales
?
Cost of Goods Sold
49,900
Gross Profit
?
Selling Expenses
?
General and Administrative Expenses
8,900
Total Operating Expenses
?
Net Income
42,100
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