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Shown below is summarized data for a company for the year end December 31.
Sales of merchandise for cash
$58,250
Sales of merchandise on credit
10,000
Cost of goods sold
36,500
Selling expense
11,800
Administrative expenses
5,000
Sales returns and allowances
2,000
Items not included in the above amounts:
Estimated bad debt loss, 2% of credit sales
Average income tax rate, 20%
Number of shares of common stock outstanding, 2,000
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