Question: Gross profit: Select one: a. Is the same as net income b. Represents the excess of net sales revenue over cost of goods sold c.

Gross profit:

Select one:

a. Is the same as net income

b. Represents the excess of net sales revenue over cost of goods sold

c. Is the excess of the cash received on sales over the cash paid for goods sold

d. Equals revenues minus operating expenses

e. All are true.

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