Chocolate Treats has the following account balances:
Cost of goods sold $390,000 Rent expense $45,000
Depreciation expense 12,500 Salaries expense 56,000
Insurance expense 3,100 Sales 575,000
Interest expense 11,500 Sales discounts 5,500
Interest revenue 9,200 Sales returns and allowances 16,500
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.
(a) Net sales $
(b) Gross profit $
(c) Operating expenses $
(d) Profit from operations $
(e) Profit $
