XYZ company provided the following information: Sales Accounts payable Selling expenses Administrative expenses Other revenues Cost of goods sold Cash Other expenses $134,500 15,500 37,000 13,000 27,000 95,000 24,000 I 22,000 Required: Calculate the following: (SHOW YOUR CALCULATIONS) 1. Gross profit 2. Net income/ loss (note: specify whether the company had net income or net loss) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). 2020 Net credit sales Estimate of doubtful debts Allowance account credit balance Gross Accounts receivable $200,000. 2% of net credit sales $2,500 before the estimate was made $60,000. Required: Prepare the adjusting entry to record bad debts expense for 2020 using the percentage of sales method. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). P BIUS Paragraph Arial 10pt Click Save and Submit to save and submit. Click Save All Answers to save all answers. EVE A