Which of the following expressions is incorrect?Gross profit - operating expenses = net incomeNet income + operating expenses = gross profit● Sales revenue - cost of goods sold - operating expenses = net income● Operating expenses - cost of goods sold = gross profit

Operating expenses - Cost of goods sold = Gross profit, This is Incorrect…

Answered: Which of the following expressions is…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 4MC: Which of the following represents the components of the income statement for a service business...

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Similar questions

How do you calculate the markup on cost of goods sold? Is the markup pure profit? Explain.
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
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 simple income statement ________. A. combines all revenues into one category B. does not combine all expenses into one category C. separates cost of goods sold from operating expenses D. separates revenues into several categories
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 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
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
The equation for Gross Profit is "Gross Profit = Revenues - Cost of Goods." Which of the following would increase the Gross Profit?
a. How much is the total net revenue? b. How much is the total net profit from the operation? c. How much is the total gross profit? d. How much is the total cost of goods sold
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.
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
How is Income from Operations determined? Net Sales - Selling Expenses - Administrative Expenses B) Gross Profit - Cost of Goods Sold + Selling Expenses (C) Net Sales - Cost of Goods Sold Selling Expenses Administrative Expenses Gross Profit+ Cost of Goods Sold

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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