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

Compute the missing amounts.

Sales

$

107,600

Sales Returns and Allowances

Sales Discounts

4,300

Net Sales

Cost of Goods Sold

54,600

Gross Profit

44,800

Selling Expenses

General and Administrative Expenses

12,000

Total Operating Expenses

23,300

Net Income