The following closing entries for Sabba Co. were made on January 31, 2014, the end of its annual accounting period:

Required
Use the information in the closing entries to prepare:
a. A calculation of net sales.
b. A single-step income statement for the year.

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Jan. 31 Sale 642,000 642,000 Income summary. To close temporory accounts with credit balances. 31 Income Summary 588,950 Sales Discounts Selling Expenses.... General and Administrative Expenses. Interest Expense 332,000 21,000 9,500 117,000 109,000 450 To close temporary accounts with debit balances.