Can someone give me there answer to these and help me understand! Help is much appreciated.Thanks! ### Multiple-Step Income Statement Questions#### Question 41__When preparing the Multiple-Step Income Statement for a merchandising business that is using the perpetual inventory system, assume that the Net Sales was $300,000 and the balance of the Cost of Merchandise Sold on the Work sheet was $180,000. What amount should be recorded as the Gross Profit?__- $120,000- $180,000- $300,000- $480,000#### Question 42__When preparing the Multiple-Step Income Statement for a merchandising business, assume that the Adjusted Trial Balance has the following accounts and their balances: Sales Salaries Expense, $90,000; Depreciation Expense-Store Equipment, $8,500; Miscellaneous Selling Expense $1,500; Office Salaries Expense, $40,000; Depreciation Expense-Office Equipment, $19,000; Miscellaneous Administrative Expense, $1,000. What is the Total Selling Expenses amount on the Multiple-Step Income Statement?__![Illustration representing Adjusted Trial Balance](https://path/to/illustration) (Note: the image appears to be a placeholder showing a broken link icon for "New Proctored Exam MSI Statement.bmp")- $60,000- $90,000- $100,000- $160,000#### Question 43__When preparing the Multiple-Step Income Statement for a merchandising business, assume that the Gross Profit is $100,000 and that the Total Operating Expenses are $45,000. What is the $55,000 (Gross Profit minus Total Operating Expenses) called?__- income from operations- net sales- net profit- net loss

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When preparing the Multiple-Step Income Statement for a merchandising business that is using the perpetual inventory system, assume that the Net Sales was $300,000 and the balance of the Cost of Merchandise Sold on the Work sheet was $180,000. What amount should be recorded as the Gross Profit? $120,000 $180,000 $300,000 $480,000

When preparing the Multiple-Step Income Statement for a merchandising business that is using the perpetual inventory system, assume that the Net Sales was $300,000 and the balance of the Cost of Merchandise Sold on the Work sheet was $180,000. What amount should be recorded as the Gross Profit? $120,000 $180,000 $300,000 $480,000

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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