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Check (2) $88,600;
(3) Gross profit, $112,150;
Net income, $22,750;
(4) Total expenses, $172,000
Problem 5-5A
Preparing closing entries and
Interpreting information about
Discounts and returns...

Required
1. Compute the company’s net sales for the year.
2. Compute the company’s total cost of merchandise purchased for the year.
3. Prepare a multiple-step income statement that includes...