Question 13 (4 points) Find the entry you would make on an income statement for TOTAL OPERATING EXPENSES for the year ended December 31, 2011: Gross Sales, $141,000; Sales Returns and Allowances, $7,600: Sales Discounts, $9,600, Merchandise Inventory, January 1, 2011, $50,300, Merchandise Inventory, December 31, 2011, $42,400. Net Purchases, 562,100; Freight In, $1,000; Salaries, $80,500; Rent, $18,900; Utilities, $1,225; Insurance, $2,250; and Income Tax, $17.400. $71,000 $102,875 $120,275 $123,800 Previous Page Next Page m Page 13 of 25 Submit Quiz 10 of 25 questions saved