Gross profit equals the difference between
sales revenue and cost of goods sold. sales revenue and operating expenses. net income and operating expenses. sales revenue and cost of goods sold plus operating expenses
Question 18
Net income will result if gross profit exceeds
purchases. cost of goods sold. operating expenses. cost of goods sold plus operating expenses.
Question 19 Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account?