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Brief Exercise 5-7 Swifty Limited reports the following information: sales $1,106,000; sales retums and allowances...

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Brief Exercise 5-7 Swifty Limited reports the following information: sales $1,106,000; sales retums and allowances $21,000; sales discounts $18,600; cost of goods sold $653,800; administrative expenses $161,800;lling expenses $109,300; other revenues $26,300 other expenses $34,100; and income tax expense $27,300. Assume Swifty uses a multiple-step income statement is correct. Calculate net sales. Net sales Your answer is correct. Calculate gross profi Gross profit 41 E Your answer is incorrect. Try again Calculate income from operations. Income from operations EYour answer is incorrect. Try again Calculate income before income tax Income before income tax E Your answer is incorrect. Try again Calculate net income. Net income

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