required information use the following information for the quick studies below. the following information…

required information use the following information for the quick studies below. the following information applies to the questions displayed below. vitamix reports the following information for its year ended december 31: cash sales $86,000 sales on credit 116,000 general and administrative expenses 30,000 sales returns 13,600 cost of goods sold 86,500 sales discounts 4,600 selling expenses 50,000 qs 4 - 19 (algo) preparing gross profit section of a multiple - step income statement lo p4 use the above information to prepare the gross profit section of a multiple - step income statement

required information use the following information for the quick studies below. the following information applies to the questions displayed below. vitamix reports the following information for its year ended december 31: cash sales $86,000 sales on credit 116,000 general and administrative expenses 30,000 sales returns 13,600 cost of goods sold 86,500 sales discounts 4,600 selling expenses 50,000 qs 4 - 19 (algo) preparing gross profit section of a multiple - step income statement lo p4 use the above information to prepare the gross profit section of a multiple - step income statement

Answer

Explanation:

Step1: Calculate net sales

Net sales = Cash sales+Sales on credit - Sales returns - Sales discounts Net sales = $86000 + 116000-13600 - 4600$ Net sales = $183800$

Step2: Calculate gross profit

Gross profit = Net sales - Cost of goods sold Gross profit = $183800-86500$ Gross profit = $97300$

Answer:

$97300$