Question

With the following information it presents the condensed results status:
Inventory as of March 1               950,000
Discount on purchases                 165,000
Inventory as of March 31              700,000
Returns on sales                      230,000
Sales                                 5,600,000
Returns on purchases                  160,000
Shopping                              2,700,000
Freight on sales                      40,000
Sales discount                        380,000
Freight on purchases                  70,000
Administration Expenses               520,000
Selling expenses                      880,000
Tax expense                           450,000

Smart Shoe S. A
Condensed statement of results
As of March 31, 2011

With the previous information obtain the following: 

Net Sales $ _____________
Cost of sales $ _____________
Gross profit $ _____________
General Expenses $ _____________
Financial Expenses $ ______________
Profit before taxes $ ______________
Taxes $ _____________
Net Profit $ _____________

Answer 1

Income Statement for the Year 2011
Details	Amount in $
Sales Revenue	5600000
Less: Sales return	230000
Sales Discount	380000
Net Sales Revenue		4990000
Beginning Inventory	950000
Add: Purchases	2700000
carriage Inward	70000
Less: Discount on purchases	165000
Returns on purchases	160000
Ending Inventory	700000
Cost of Goods sold		2695000
Gross Profit		2295000
Less: Carriage Outwards		40000
Admn. Expenses		520000
Selling Expenses		880000
Operating income before tax		855000
Less: Income tax expenses		450000
Operating Income after tax		405000