Chocolate Treats has the following account balances: Cost of goods sold...
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Accounting
Chocolate Treats has the following account balances:
| Cost of goods sold | $380,000 | Rent expense | $45,000 | |||
| Depreciation expense | 12,500 | Salaries expense | 56,000 | |||
| Insurance expense | 3,300 | Sales | 565,000 | |||
| Interest expense | 10,500 | Sales discounts | 5,000 | |||
| Interest revenue | 8,100 | Sales returns and allowances | 15,500 |
Assuming Chocolate Treats uses a multiple-step income statement, calculate the following: (a) net sales, (b) gross profit, (c) operating expenses, (d) profit from operations, and (e) profit.
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