Flamingo Company had 

Gross sales: $500,000, 

Sales returns and allowances of $20,000; 

Cost of goods sold, $320,000; 

General and admin expenses, $210,000; 

Gain on the sale of assets, $40,000; 

Purchase of treasury stock, $100,000; 

Interest expense, $10,000. 

Calculate net income/(loss).

Answer rating: 100% (QA)

First lets calculate the net sales Net Sales Gross sale... View the full answer