What is the term applied to the excess of revenue from sales over the Cost of Merchandise Sold?a. net incomeOb. gross salesOc. gross profitOd. income from operations

Revenue from sales represents the amount of revenue recognized from the sales made during a…

Answered: What is the term applied to the excess…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section22.2: Preparing An Income Statement, Statement Of Stockholders’ Equity, And Balance Sheet

Problem 1AYU

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Similar questions

Which of the following represents the components of the income statement for a service business Sales Revenue - Cost of Goods Sold = gross profit Service Revenue - Operating Expenses = operating income Sales Revenue - Cost of Goods Manufactured = gross profit Service Revenue - Cost of Goods Purchased = gross profit
A multi-step income statement ________. A. separates cost of goods sold from operating expenses B. considers interest revenue an operating activity C. is another name for a simple income statement D. combines cost of goods sold and operating expenses
How do you calculate the markup on cost of goods sold? Is the markup pure profit? Explain.
Explain the calculation of net sales and net purchases.
Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payable
Gross profit is the difference between: Select one: a. revenues and expenses. b. net income and operating income. c. gross sales and sales discounts. d. Net sales and cost of goods sold.
Gross profit is calculated as the difference between net sales revenue and ________. A. cost of merchandise inventory B. purchase expense C. cost of goods sold D. operating expenses
The gross profit percentage is equal to: A. Net operating income/Sales B. Cost of goods sold/Sales C. Cost of goods sold/Net income D. (Net operating income + Operating expenses)/Sales E. (Net operating income - Operating expenses) /Sales
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 multiple-step income statement, the excess of net sales over the cost of merchandise sold is called?" Cost of Goods Sold Operating income Net income Gross profit
Gross profit is equal to Select one: a. revenues - expenses b. sales - cost of goods sold c. profits plus depreciation d. earnings before taxes minus taxes payable
Solomon Manufacturing Company was started on January 1, year 1, when it acquired $83,000 cash by issuing common stock. Solomon immediately purchased office furniture and manufacturing equipment costing $7,000 and $ 27,600, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,900 salvage value and an expected useful life of three years. The company paid $11, 100 for salaries of administrative personnel and $15, 600 for wages to production personnel. Finally, the company paid $10, 380 for raw materials that were used to make inventory. All inventory was started and completed during the year. Solomon completed production on 4, 400 units of product and sold 3,490 units at a price of $15 each in year 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.)

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What is the term applied to the excess of revenue from sales over the Cost of Merchandise Sold? a. net income Ob. gross sales Oc. gross profit Od. income from operations