Q1 . Calculate Net Sales, Cost of the goods Sold, Gross Profit and Net Profit from the following information

Gross sales $ 53400 Purchase Discount $ 1675

Bank charges $ 1654 Closing stock $ 11870

Cash $ 3200 Other Income $ 765

Owners Equity $ 76000 Building $ 32000

Depreciation $ 1230 Salaries $ 3450

Electricity $ 780 Sales Discount $ 6230

Freight in $ 1450 Sales returns is $ 4350

Opening stock is $ 7680 Purchases $ 16550

Machinery $ 21000 Purchase return $ 1240