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Lolas hair salon has the following account balances: Cost of goods sold $400,000 Rent expense...

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Accounting

Lolas hair salon has the following account balances: Cost of goods sold $400,000 Rent expense $45,000 Depreciation expense 13,500 Salaries expense 56,000 Insurance expense 3,100 Sales 575,000 Interest expense 10,500 Sales discounts 5,400 Interest revenue 8,500 Sales returns and allowances 17,500 Assuming Chocolate Treats uses a multiple-step income statement, calculate the following:

- net sales,

- gross profit,

- operating expenses,

- profit from operations,

- profit.

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