I'm doing homework but I'm stuck on their question. Can anyone help? CX79°FCloudyluonline.blackboard.com utra/courses 189869_1 grades/assessment, 7411355_1/overview/attempt/17 minutes remainingQuestion 7AHEDWIGHTGross Profit (also known as Gross Margin) is the difference betweenBDNet sales and all expenses.Net sales and net income.C) Net sales and the cost of goods sold.1The cost of merchandise purchased and the cost of merchandisesold.RUDOL10 OF 10 QUESTIONS REMAININGVITILQuestions Filter (10)K FirstO SearchPreviousContinuehpLast >|

Net sale is the amount of revenue earned by the entity by selling the goods to its customers. It is shown in the income statement of the entity.Gross profit is the amount of profit earned by the entity after deducting the cost of making products from sales. It is shown in the income statement of the entity. Its' formula is as follows: Gross profit = Sale - Cost of goods sold Thus, option c is correct. Net sale - All expenses = Net income. Thus, option a is incorrect. Difference between net sale and net income will give the total expenses. Thus, option b is incorrect. The cost of merchandise bought and sold would result in ending inventory. Thus, option d is incorrect.

Business

Accounting

Gross Profit (also known as Gross Margin) is the difference between A) Net sales and all expenses. Net sales and net income. Net sales and the cost of goods sold. The cost of merchandise purchased and the cost of merchandise sold.

Gross Profit (also known as Gross Margin) is the difference between A) Net sales and all expenses. Net sales and net income. Net sales and the cost of goods sold. The cost of merchandise purchased and the cost of merchandise sold.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Explain the difference between inductive and deductive reasoning. Which method does Sherlock Holmes use? Which do people think he uses?
Quite often, people may face situations that put them in an ethical conflict. The best way to cope with this is ________. Question 22 options: A) to develop a personal code of ethical conduct about what is right and wrong B) to use the "golden rule" C) to do what makes the largest number of people happy in the situation D) to do nothing and ignore the situation E) to act the same way you have seen others act in similar situations
wrong give me the right answer please
Im having an issue with this problem. Thank you!
Hi, Could you please show me how to solve this with formulas? not excel, I should have clarified. Thanks
What is “Head of household” filing status? Who can claim it and who can’t? Is it helpful or not, and compared to what?
what exactly is a cookie jar reserve? Does using a cookie jar reserve follow GAAP? Does using a cookie jar reserve appear to be an ethical practice? Support your opinion. Your post should be more than a single sentence.
It says they answers are wrong from your example.