1. The adjusted trial balance of Norton Company contained the following information. Assume the tax rate is 25%:

   Debit Credit

   Sales revenue $390,000

   Sales returns and allowances $ 10,000

   Sales discounts 5,000

   Cost of goods sold 200,000

   Operating expenses 110,000

   Interest revenue 8,000

   Interest expense 3,000

Compute Income before income tax

Compute the net income.

Compute the gross profit & rate(%)

Compute the net sales.

Compute income from Operations