Using the format for the multi-step income statement, compute the following:

a) Calculate Net Sales and Gross Profit if, Sales are $375,000, Sales Returns and Allowances are $32,000, Sales Discounts are $12,000 and Cost of Merchandise Sold is $255,000.

b) Calculate Sales Returns and Allowances and Cost of Merchandise Sold if, Sales are $750,000, Sales Discounts are $9,000, Net Sales are $736,000 and Gross Profit is $310,000.

c) Calculate Sales and Net Sales if, Sales Returns and Allowances are $25,000, Sales Discounts are $15,000, Cost of Merchandise Sold is $620,000 and Gross Profit is $185,000.

Sonraki