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Sandpiper Inn reported the following amounts in its financial statements: Cash: $3,700 General & Admin expenses: $3,400 Accounts payable: $4,200 Retained Earnings: $4,400 Long-term notes
Sandpiper Inn reported the following amounts in its financial statements:
Cash: $3,700
General & Admin expenses: $3,400
Accounts payable: $4,200
Retained Earnings: $4,400
Long-term notes payable: $600
Inventory: $500
Cost of Goods: $19,000
Equipment, net: $3,600
Selling Expenses: $1,800
Sales revenue: $28,000
Accounts Receivable: $2,900
Sales Discounts: 2,020
Required:
- Calculate net sales.
- Calculate gross profit.
- Calculate net income.
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