Question
Your company income statements for the year end December 31, 2021 were just published, but due to a photocopy error the Net Sales and Gross
Your company income statements for the year end December 31, 2021 were just published, but due to a photocopy error the Net Sales and Gross sales were not legible. What you were able to find out was that Retained Earnings for the year were $65,240, Dividends $23,800. The following were the expenses incurred for the year. Salary expense $23,800, Rent $5,000, Depreciation $2,300 and Utilities $1,200. Your company tax rate is 20% and the company gave away price discounts to customers totalling $38,400. What was the companys Gross and Net Sales for the year?
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