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The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1....

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Accounting

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The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $24,600 was sold for $36,900 under terms 2/20, net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,612. The merchandise had cost Ozark $1,040. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $3,690. 5. Interest expense paid amounted to $370. 6. Land that had cost $7,600 was sold for $9,500 cash. Required: a. Determine the amount of net sales. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. b. Prepare a multistep income statement. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated with a minus sign. b. Prepare a multistep income statement. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated with a minus sign

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