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Lolas hair salon has the following account balances: Cost of goods sold $400,000 Rent expense $45,000 Depreciation expense 13,500 Salaries expense 56,000 Insurance expense 3,100 Sales 575,000 Interest expense 10,500 Sales discounts 5,400 Interest revenue 8,500 Sales returns and allowances 17,500 Assuming Chocolate Treats uses a multiple-step income statement, calculate the following:
- net sales,
- gross profit,
- operating expenses,
- profit from operations,
- profit.
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