Chocolate Treats has the following account balances:

Assuming Chocolate Treats uses a multiple-step income statement, calculate the following:

(a) Net sales,

(b) Gross profit,

(c) Operating expenses,

(d) Profit from operations,

(e) Profit.

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Cost of goods sold Depreciation expense Insurance expense Interest expense Interest revenue $385,000 13,200 3,300 11,000 8,800 Rent expense Salaries expense Sales Sales discounts Sales returns and allowances $ 44,000 55,000 561,000 5,500 16,500