Question - Taylor Company has the following account balances, extracted from its multiple-step income statement for the current year.
Required: Compute the missing amounts.
Sales $118,200
Sales Returns and Allowances 3,200
Sales Discounts 3,500
Net Sales ?
Cost of Goods Sold ?
Gross Profit 59,200
Selling Expenses 8,300
General and Administrative Expenses 10,800
Total Operating Expenses ?
Net Income ?