Required: Prepare a multi-step income statement/ Statement of Operation NET SALES Sales P800,000 Sales discounts 20,000 Sales returns and allowances ? Net sales 735,000 NET PURCHASES Purchases P400,000 Freight-in 20,000 Purchase discounts ? Purchase returns and allowances 2,500 Net purchases 413,500 COST OF GOODS SOLD Beginning inventory P85,400 Ending inventory 74,500 Cost of goods sold ? GROSS PROFIT Gross profit ? TOTAL EXPENSES Rent P36,000 Salaries 145,700 Utilities 12,300 Freight-out ? Other 24,100 Total expenses 242,200 NET INCOME Net income ?

Please answer MCQ not working required

solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answer

A company has the following information for the current year's operations: Beginning inventory Purchases Net markups Net markdowns Net sales Multiple Choice O Average cost. Management calculates the cost-to-retail percentage as 57.9%, equal to cost of $440,000 ($40,000+ $400,000) divided by retail of $760,000 ($60,000+ $660,000+ $50,000 $10,000). Which application of the retail inventory method is the company using? O O LIFO. Conventional. Cost $ 40,000 400,000 Dollar-value LIFO. Retail $60,000 660,000 50,000 10,000 580,000