From the following accounts, calculate
a. Net sales.
b. Cost of goods sold,
c. Gross profit.
d. Net income.
Sales Discounts………………………………………….. $ 500
Purchases Returns and Allowances……………………… 64
Beginning Merchandise Inventory, January 1, 2013…….. 79
Sales Returns and Allowances…………………………… $ 191
Purchases Discounts……………………………………… 42
Cash………………………………………………………. 3,895
Accounts Receivable……………………………………… 441
Sales……………………………………………………….. 3,950
Ending Merchandise Inventory, December 31, 2013……... 75
Freight-In………………………………………………….. 41
Purchases…………………………………………………… 1,152
R. Roland, Capital…………………………………………. 1,950
Operating Expenses……………………………………….. 895
Accounts Payable…………………………………………. 129