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

Compute the missing amounts.

Sales

$118,200

Sales Returns and Allowances

3,200

Sales Discounts

3,500

Net Sales

?

Cost of Goods Sold

?

Gross Profit

59,200

Selling Expenses

8,300

General and Administrative Expenses

10,800

Total Operating Expenses

?

Net Income

?