Income statement for merchandiser

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Reference no: EM131016262

Income Statement for Merchandiser

For the fiscal year, sales were $7,702,000, sales discounts were $148,000, sales returns and allowances were $111,000, and the cost of merchandise sold was $4,440,000.

What was the amount of net sales and gross profit?

a) Net Sales?

b) Gross Profit?

c) If total operating expenses were $1,350,000, could you determine net income?

Reference no: EM131016262

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Income statement for merchandiser : For the fiscal year, sales were $7,702,000, sales discounts were $148,000, sales returns and allowances were $111,000, and the cost of merchandise sold was $4,440,000. What was the amount of net sales and gross profit?

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