Question: Right solution please general accounting DURING THE CURRENT YEAR, MERCHANDISE IS SOLD FOR $823,000. THE COST OF MERCHANDISE SOLD IS $502,000. A. WHAT IS THE

Right solution please general accounting

DURING THE CURRENT YEAR, MERCHANDISE IS SOLD FOR $823,000. THE COST OF MERCHANDISE SOLD IS $502,000. A. WHAT IS THE AMOUNT OF THE GROSS PROFIT? B. COMPUTE THE GROSS PROFIT PERCENTAGE (GROSS PROFIT DIVIDED BY SALES). C. WHEN WILL THE INCOME STATEMENT REPORT NET INCOME? I. IF GROSS PROFIT IS POSITIVE. II. IF OPERATING EXPENSES ARE LESS THAN GROSS PROFIT. III. IF OPERATING EXPENSES ARE MORE THAN GROSS PROFIT. IV. IF REVENUES EXCEED COST OF SALES. V. NONE OF THESE CHOICES

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