17) After gross profit is calculated, operating expenses are deducted to determine a. gross margin. b....
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17) After gross profit is calculated, operating expenses are deducted to determine a. gross margin. b. net income. C. gross profit on sales. d. net margin. 18) Which of the following expressions is incorrect? a. Gross profit - operating expenses - net income b. Sales - cost of goods sold - operating expenses = net income Net income + operating expenses = gross profit c. d. Operating expenses - cost of goods sold-gross profit 19) In a perpetual inventory system, cost of goods sold is recorded a. on a daily basis. b. on a monthly basis. C. on an annual basis. d. each time a sale occurs. 20) Under the perpetual inventory system, which of the following accounts would not be used? a. Sales b. Purchases c. Cost of Goods Sold d. Merchandise Inventory 17) After gross profit is calculated, operating expenses are deducted to determine a. gross margin. b. net income. C. gross profit on sales. d. net margin. 18) Which of the following expressions is incorrect? a. Gross profit - operating expenses - net income b. Sales - cost of goods sold - operating expenses = net income Net income + operating expenses = gross profit c. d. Operating expenses - cost of goods sold-gross profit 19) In a perpetual inventory system, cost of goods sold is recorded a. on a daily basis. b. on a monthly basis. C. on an annual basis. d. each time a sale occurs. 20) Under the perpetual inventory system, which of the following accounts would not be used? a. Sales b. Purchases c. Cost of Goods Sold d. Merchandise Inventory
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17 b Net income The first step is to calculate the gross profit by subtracting the cost of goods sol... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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