O MERCHANDISING ACCOUNTING Parts of the retail income statement Scott Company has the following account balances, extracted from its multiple-step income statement for the current year. Required: Compute the missing amounts. Sales $ 105,700 4,700 Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold 2,600 U 46,600 0 D 8,700 Gross Profit Selling Expenses General and Administrative Expenses Total Operating Expenses Net Income 31,500 ? Explanation Check Check