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A local grocery store sold one of their delivery vehicles for $8,000 cash and recognized a $500 gain on the sale. The gain should be reported Select one: O A. before income from operations on the income statement B. as part of gross profit on the income statement C. in the revenue section of the income statement D. after income from operations on the income statement

A local grocery store sold one of their delivery vehicles for $8,000 cash and recognized a $500 gain on the sale. The gain should be reported Select one: O A. before income from operations on the income statement B. as part of gross profit on the income statement C. in the revenue section of the income statement D. after income from operations on the income statement

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A local grocery store sold one of their delivery vehicles for $8,000 cash and recognized a $500 gain on the sale. The gain should be reported Select one: A. before income from operations on the income statement B. as part of gross profit on the income statement C. in the revenue section of the income statement. D. after income from operations on the income statement
Transcribed Image Text:A local grocery store sold one of their delivery vehicles for $8,000 cash and recognized a $500 gain on the sale. The gain should be reported Select one: A. before income from operations on the income statement B. as part of gross profit on the income statement C. in the revenue section of the income statement. D. after income from operations on the income statement
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