Question: Silver Store reported the following information: Sales $ 6 2 0 , 0 0 0 ; Sales Returns and Allowances $ 3 2 , 0

 Silver Store reported the following information: Sales $620,000; Sales Returns and
Silver Store reported the following information: Sales $620,000; Sales Returns and Allowances
$32,000; Sales Discounts $10,200; Cost of Goods Sold $422,000; Depreciation Expense $10,000;
Freight Out $5,000; Interest Expense $1,700; Rent Expense $15,000; and Salaries Expense $80,000.
Calculate the following amounts: (a) net sales, (b) gross profit, (c) total operating expenses,
(d) profit from operations, and (e) profit.
Allowances $32,000; Sales Discounts $10,200; Cost of Goods Sold $422,000; Depreciation Expense

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