Question Question: 69Which of the following expressions is incorrect?A. Gross profit - operating expenses = net incomeB. Sales revenue cost of goods sold - operating expenses = netincomeC. Net income + operating expenses = gross profitD. Operating expenses - cost of goods sold = gross profit

Explanation of Gross Profit:Gross Profit is the profit a company makes after subtracting the Cost of…

Answered: Question: 69 Which of the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 20MC: A multi-step income statement ________. A. separates cost of goods sold from operating expenses B....

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Which of the following expressions is incorrect? Gross profit – operating expenses = net income Sales – cost of goods sold – operating expenses = net income Operating expenses – cost of goods sold = gross profit Net income + operating expenses = gross profit
Which of the following expressions is incorrect? Gross profit - operating expenses = net income Net income + operating expenses = gross profit ● Sales revenue - cost of goods sold - operating expenses = net income ● Operating expenses - cost of goods sold = gross profit
True or false 1. Cost of goods sold is an operation expense 2. Gross profit is equal to net sales plys cost of goods sold
Which of the following would calculate Net Income or Net Loss? O Gross Profit - Operating Expenses O Gross Profit + Cost of Goods Sold O Gross Profit + Operating Expenses O Gross Profit Cost of Goods Sold
On a traditional income statement, sales revenue less cost of goods sold equals Question 26 options: operating income. operating expenses. contribution margin. gross profit.
40) The difference between Net sales and Cost of goods sold is referred as _____________. a. Gross profit b. Income statement c. Balance sheet d. Inventory
Which of the following is the correct calculation of selling price? O a. Cost + Mark-up O b. Expenses + Profit – Mark-up O c. Cost - Mark-up * Expenses O d. Expenses - Profit
8. The difference between total sales in dollars and total cost of goods sold is called: A. net operating income. B. net profit. C. the gross margin. D. the contribution margin.
12.Gross profit will result if: a. Sales revenue are greater than cost of goods sold. b. Operating expenses are greater than cost of goods sold. c. Operating expenses are less than net income. d. Sales revenue are greater than operating expenses
Gross profit is the gross sales price charged for the goods sold A.True B.False
Total cost + Profit:____ O a. Selling price O b. Cost of goods sold O c. Selling and distribution overheads O d. Gross Profit
How to calculate the gross profit for merchandise business? A. Total Sales minus all the operating expenses. O B. Total Sales minus the Total purchase cost C. Net Sales minus all the operating expenses D. Net Sales minus the COGS

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Question: 69 Which of the following expressions is incorrect? A. Gross profit - operating expenses = net income B. Sales revenue cost of goods sold - operating expenses = net income C. Net income + operating expenses = gross profit D. Operating expenses - cost of goods sold = gross profit