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

True/False The net profit margin ratio is calculated by dividing net sales by net income.

Using the table below, create a line chart in which profit or loss is plotted on the Y-axis and sales volume is plotted on the X-axis. This is commonly called a profit/volume chart. Although sales volume can be expressed in either units or dollars, use units for your chart. Complete the Chart Tickler Data Table to include a column for profits. Use this table as a basis for preparing the chart. Cost-Volume-Profit Analysis                           Data Section       Income Statement in a Contribution Margin                          Fixed Variable   Particulars                                Amounts    Production costs       Projected unit sales     120,000      Direct materials   $2.30   Selling price per unit     $16.00      Direct labor   4.70   Less Vairable Cost             Factory overhead $225,000 3.00        Direct materials $2.30     Selling expenses            Direct labor 4.70          Sales salaries & commissions 97,000 0.75        Factory overhead…