Sanchez Company has the following account balances, extracted from its multiple-step income statement for the current year.

Required:

Compute the missing amounts.

Sales	$116,500
Sales Returns and Allowances
Sales Discounts	3,000
Net Sales
Cost of Goods Sold	48,400
Gross Profit	62,000
Selling Expenses
General and Administrative Expenses	8,500
Total Operating Expenses	17,500
Net Income