Question 4 The company made purchases of P60,000 and sales of P85,000 with P10,000 left in inventory. If the company has a beginning inventory of P25,000, how much is the gross profit? P30,000 P10,000 P25,000 P20,000
Question 4
The company made purchases of P60,000 and sales of P85,000 with P10,000 left in inventory. If the company has a beginning inventory of P25,000, how much is the gross profit?
P30,000
P10,000
P25,000
P20,000
Question 5
Which of the following could appear on the income statement of both a merchandise and a service type of business?
gross profit
sales
cost of sales
salaries expense
Question 6
Net profit will result if:
sales exceed cost of sales
the cost of sales exceeds operating expenses
sales exceed operating expenses
gross profit exceeds operating expenses
Question 7
Gross profit for a merchandising entity is net sales minus:
expenses
cost of sales
cost of goods available for sale
sales discounts
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