Income Statement Merchandising Operations (Net Sales, Gross Profit, Net Income)

Merchandising accounting income statement (whats included and how to setup) for a merchandising company (a company that sells goods rather than manufacture goods, like retail outlets selling to the public), detailed overview showing the accounting for net income starting with income statement main sections (revenues,COGS (cost of goods sold) & operating expenses), broken down by (1) net sales = (sales - sales discounts - sales returns & allowances), (2) gross profit = ( net sales - COGS) where COGS = (purc