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Kazeer [188]
4 years ago
13

Miller Company has the following account balances, extracted from its multiple-step income statement for the current year.

Business
1 answer:
Maksim231197 [3]4 years ago
4 0

Answer:

Net Sales = $100,100

Sales Return and allowances = $4,500

Net income = $33,700

Explanation:

Cost of goods sold 48,200

Gross Profit 51,900

Net Sales 100100

Sales Return and allowances = Sales - Net sales- Sales discounts = 107800-100100-3200 = 4500

Selling Expenses = Total operating expenses - General and Administrative Expenses = 18200 - 10400 = 7800

Net income = Gross profit - Total operating expenses

=51900-18200

= 33700

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