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Morris Company has the following account balances, extracted from itsmultiple-step income statementfor the current year. Required: Compute the missing amounts. Sales $ 106,500 Sales Returns
Morris Company has the following account balances, extracted from itsmultiple-step income statementfor the current year.
Required:
Compute the missing amounts.
Sales
$
106,500
Sales Returns and Allowances
Sales Discounts
4,800
Net Sales
Cost of Goods Sold
60,300
Gross Profit
36,400
Selling Expenses
General and Administrative Expenses
12,500
Total Operating Expenses
22,400
Net Income
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