this is general account question Which of the following expressions is incorrect?A. Gross profit - operating expenses=net incomeB. Sales revenue - cost of goods sold - operating expensesincomeC. Net income + operating expenses=gross profitD. Operating expenses - cost of goods sold = gross profit= net

Correct Answer: D. Operating expenses - cost of goods sold = gross profit Explanation of Each…

Answered: Which of the following expressions is…

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? A. Gross profit - operating expenses = net income B. Sales revenue - cost of goods sold - operating expenses income C. Net income + operating expenses = gross profit D. Operating expenses - cost of goods sold = gross profit = net