Reference no: EM133053518

Question - Chocolate Treats has the following account balances:

Cost of goods sold $385,000 Rent expense $44,000

Depreciation expense 13,200 Salaries expense 55,000

Insurance expense 3,300 Sales 561,000

Interest expense 11,000 Sales discounts 5,500

Interest revenue 8,800 Sales returns and allowances 16,500

Assuming Chocolate Treats uses a multiple-step income statement, calculate the following: (a) net sales, (b) gross profit, (c) operating expenses, (d) profit from operations, and (e) profit.