A company reports the following sales related information: Sales (gross) of $275,000; Sales discounts of $18,000; Sales

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Question:

A company reports the following sales related information: Sales (gross) of $275,000; Sales discounts of $18,000; Sales returns and allowances of $5,500; Sales salaries expense of $11,500.

Prepare the net sales portion of the company’s multiple-step income statement.