I. Listed below are the income statement accounts of MBA Company as of December 31,2020. DEBIT CREDIT Sales P 475,000 Sales Return & Allowances P 5,000 Purchases 220,000 Purchase Return & Allowances...

I. Listed below are the income statement accounts of MBA Company as of December 31,2020.
DEBIT CREDIT
Sales P 475,000
Sales Return & Allowances P 5,000
Purchases 220,000
Purchase Return & Allowances 3,000
Advertising 10,000
Sales Salaries 30,000
Commission Expense 15,000
Miscellaneous Selling Expense 3,000
Rent Expense 15,000
Office Salaries 20,000
Light & Water 2,000
Insurance Expense 1,000
Taxes & Licenses 5,000
Merchandise Inventory- Jan. 1,2019 57,000
Merchandise Inventory-Dec. 31,2019 10,000
Required:
Compute the following;
1. Net Sales_________________________
2. Net Purchases_____________________
3. Cost of Goods Sold_________________
4. Reporting Period__________________
5. Net Profit________________________