Based on the following accounts, calculate
(a) Net sales,
(b) Cost of goods sold,
(c) Gross profit,
(d) Net income.
Accounts Payable .................. $ 6,400
Operating Expenses .................. 1,500
Market Co., Capital .................. 19,200
Purchases ...................... 1,300
Freight-In ..................... 89
Ending Merchandise Inventory, Dec. 31, 201X ....... 65
Sales ....................... 5,500
Accounts Receivable ................ 540
Cash ........................ 770
Purchases Discounts ................. 50
Sales Returns and Allowances ............. 290
Beginning Merchandise Inventory, Jan 1, 201X ...... 82
Purchases Returns and Allowances ........... 69
Sales Discount ................... 85