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

Q: Required: a. Compute the goods available for sale, and the cost of goods sold and gross profit for…

A: Goods Available for Sale = Beginning Inventory + Net Purchases Cost of Goods Sold = Goods Available…

Q: Under the LIFO cost flow assumption during a period ofinflation, which of the following is false? A.…

A: Inflation and cost of goods sold - a company selling goods during periods of inflation will see an…

Q: On a multiple-step income statement, the excess of net sales over the cost of merchandise sold is…

A: Net sale is the amount of revenue that has been earned by the an entity after deducting returns and…

Q: Cost of goods sold is an operating expense. A.True B.False

A: Introduction:- Income statement shows company's income and expenses over a  period of time. Formula…

Q: the following is not considered in computing net cost of purchases? Purchases Purchase Returns and…

A: Solution: "Transportation paid on goods shipped to customers" is not considered in computing net…

Q: Which of the following is not considered an Operating Expense? Transportation out Cost of Goods Sold…

A: Operating expenses are the expenses  incurred  in ordinary course of business.These include those…

Q: According to the expense recognition principle, inventory costs are expensed as cost of goods sold…

A: True

Q: Total goods available for sale is equal to  a. the sum of ending inventory and net purchases. b.…

A: Beginning inventory + Net purchases = Cost of goods sold + Ending inventory Total cost of goods…

Q: Gross profit , Ending inventory , Cost of goods sold under Lifo.

A: Formula: Gross profit = Sales - cost of goods  sold.

Q: Using Average - perpetual, how much is the cost of ending inventory per unit? Using Average -…

A: Under average cost method of inventory, average cost per unit of inventory is used for calculation…

Q: Which income statement account(s) would be affected by a policy choice at the same time as the…

A: Inventory is directly related to the cost of goods sold. To change the policy of valuation of…

Q: Gross profit is the difference between: Select one: a. revenues and expenses. b. net income and…

A: Gross profit is the company's profit after deducting the unit cost of goods from sales. Gross profit…

Q: Gross income derived from business shall be equivalent to gross sales less sales returns, discount…

A: Sales return: when the sold item being returned by the customer to the seller. It is known as sales…

Q: What is Gross Margin? a)     (Net Sales  - Cost of Sales – Operating Expenses) / Net Sales b)…

A: Solution:- Introduction;- Gross margin is the difference between Net sales and cost of goods sold.…

Q: Cost of goods sold is equal to a. total goods available for sale minus ending inventory. b. total…

A: Formula: Cost of goods available for sale = Beginning inventory + net purchases

Q: Which of the following statement is False for a Simple-Step Income Statement? a. Net Profit can be…

A: Single Step Income Statement is a method of expressing profit and loss statement that lists all…

Q: Gross profit is calculated as the difference between net sales revenue and​ ________.         A.…

A: Revenue- Revenue refers to the quantity of cash that a corporation actually received during the…

Q: Which of the following is equal to the cost of goods sold? a. net purchases plus the excess of…

A: The question is related to cost of goods sold. The cost of goods sold is calculated with the help of…

Q: Which of the following is the same as 'net realisable value' of inventory?   a. proceeds of sale…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: The ratio of Gross profit expressed as a percentage of sales is called: a. Gross Profit Ratio O b.…

A: Sale represents the amount of goods sold by an entity.

Q: Which of the following is not a component of Net Sales?a. Sales Returns and Allowancesb. Sales…

A: Sales revenue: It refers to the money earned by the business from selling its services and products…

Q: The major revenue of a merchandiser is while the major expense(s) is(are) sales revenue, cost of…

A: Sales - Sales is Revenue for the company. It can earn by the company through cash or credit. Cost of…

Q: Based on the account balances above, calculate Net sales Cost of goods sold Gross profit/loss Other…

A: Net sales means the sales of company less sales returns. Cost of goods sold means the direct cost of…

Q: Which of the following may not result to the amount of cost of sales? a.Net purchases less net…

A: Solution- COGS can be calculated in three steps that culminate in one formula.   Or, to put it…

Q: s the cost of goods sold from the income statement part include the cost of goods in inventory?

A: Cost of Goods Sold=Beginning Inventory+Purchases for the period-Ending Inventory

Q: (True or False?) The income statement for a retailer shows both gross profit and profit.

A: Gross profit = Sales - Cost of goods sold  Net Profit =  Total Revenue - Total Expenses

Q: What are expenses like sales salaries expense, advertising expense, etc. called that are incurred…

A: Under the functional expense classification expenses are aggregated and reported by activities for…

Q: amount of cost of sales?

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: What type of expenses are deducted as a part of gross profit? A)"Cost of goods sold" only…

A: Gross profit can be calculated by deducting cost of goods sold from the net sales.

Q: True or false 1. Cost of goods sold is an operation expense 2. Gross profit is equal to net sales…

A: Given, Cost of goods sold is an operation expense, Gross profit is equal to net sales plus cost of…

Q: 55. Why is inventory, end is included in the computation of net income? * O A. To determine cost of…

A: Solution: Cost of goods sold = Beginning inventory + Purchases - Ending inventory Inventory, end is…

Q: mula for Gross Margin ratio? Seleccione una: a. Cost of Sales / Gross Revenues b. Revenues / Gross…

A: Gross margin ratio is one of indicator of the profitability of company and depends on the total…

Q: Which of the following statements is true with regard to the gross profit ratio? An increase in…

A: Gross profit is an excess amount of revenue over its cost of goods sold.it measures profitability…

Q: Multiple Choice) A multi-step income statement ________. A. separates cost of goods sold from…

A: In multi step income statement the operating results are separately shown.It doesn't consider…

Q: 1. Which one of the following types of costs is most likely to be included in determining the cost…

A: Answer to the first question: The type of cost that is directly related to the cost of inventory is…

Q: Which of these expressions is correct? (A Profit plus operating expenses = sales B all of these are…

A: The gross profit is calculated as difference between sales and cost of goods sold.  The net income…

Q: Assuming that Merchandise business use simple step income statement. Which of the following will be…

A: THE EQUATION USED IN A SIMPLE STEP INCOME STATEMENT : TOTAL REVENUE = (REVENUE + GAINS) TOTAL…

Q: Selling expenses are shown in which of the following statement? a. Cost of Goods Sold b. Profit and…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Gross profit is the gross sales price charged for the goods sold A.True B.False

A: Gross profit means the profit earned by selling the goods without considering the indirect expenses…

Q: Which of the following equations is false? a. Net Income = Gross Profit – Operating Expenses b. COGS…

A: The difference between gross profit and net profit or net income is the operating expenses. Gross…

Q: Are all the relationships below correct? Sales is equal to Production (no change in inventory) No…

A: "Since you have asked multiple sub part question we will solve the first three sub part question for…

Q: Selling Expenses Interest Revenue Net Sales Revenue Cost of Goods Sold Administrative Expenses

A: Net sales revenue = $113,500 Cost of goods sold = $85,000 Gross profit = Net sales revenue - Cost of…

Q: Which of the following represents the components of the income statement for a merchandising…

A: Merchandising business means those business in which purchased goods are sold to end consumers and…

Q: Which of the following statement is False for a Simple-Step Income Statement? a. Total expenses…

A: An income statement is one of the financial statements of a company which is prepared at the end of…

Q: Which of the following statements are true regarding Costof Goods Sold?(i) Cost of Goods Sold…

A: The cost of goods sold is deducted from the sales revenue to calculate the amount of gross profits.

Q: Assuming that Merchandise business use multiple step income statement. Which of the following will…

A: Revenue - Expense = Profit

Q: cost of merchandise sold? S What is the term applied to the eXcess of net revenue from sales over…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…