Based on the following accounts, calculate
(a) Net sales,
(b) Cost of goods sold,
(c) Gross profit, and
(d) Net income.
Accounts Payable.................................$ 6,300
Operating Expenses.....................................1,600
Market Co., Capital................................19,700
Purchases.................................................1,100
Freight-In..................................................85
Ending Merchandise Inventory, Dec. 31, 201X....68
Sales...................................................6,400
Accounts Receivable..................................450
Cash.....................................................780
Purchases Discount....................................47
Sales Returns and Allowances......................340
Beg. Merchandise Inventory, Jan. 1, 201X.........83
Purchases Returns and Allowances..................71
Sales Discount..........................................85