Peterson Company has the following account balances, extracted from itsmultiple-step income statementfor the current year.

Required:

Compute the missing amounts.

Sales

$

124,800

Sales Returns and Allowances

3,500

Sales Discounts

4,500

Net Sales

Cost of Goods Sold

52,800

Gross Profit

Selling Expenses

General and Administrative Expenses

10,200

Total Operating Expenses

Net Income

41,900