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Compute the missing amounts

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Question - Smith Company has the following account balances, extracted from its multiple-step income statement for the current year.

Required: Compute the missing amounts.

Sales $107,600

Sales Returns and Allowances ?

Sales Discounts 4,300

Net Sales ?

Cost of Goods Sold 54,600

Gross Profit 44,800

Selling Expenses ?

General and Administrative Expenses 12,000

Total Operating Expenses 23,300

Net Income ?

Reference no: EM131651365

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