Use the following to answer questions 59-61: Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Cost of Golds Sold $ 45,000 13,000 6,000 160,000 77,000 Salesn oa10 59. The amount of net sales on the income statement would be: A) $154,000. B) $141,000. C) $160,000. D) $166,000. 60. Gross profit would be: A) $77,000. B) $70,000. C) $64,000. D) $83,000. 61. The gross profit rate would be: A) .454. B) .546. C) .500. D) .538. Use the following to answer questions 62-65: During August 2016, Sal's Supply Store generated revenues of $30,000. The company's expenses were as follows: cost of goods sold of $12,000 and operating expenses of $2,000. The company also had rent revenue of $500 and a gain on the sale of a delivery truck of $1,000. 62, Sal's gross profit for August 2016 is: A) $30,000. B) $19,000. C) $18,000. D) $16,000. Page 16