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    Financial Accounting Tools Study Set 4
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    Exam 5: Merchandising Operations and the Multiple-Step Income Statement
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    Which of the Following Expressions Is <B>incorrect</b>
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Which of the Following Expressions Is incorrect

Question 18

Question 18

Multiple Choice

Which of the following expressions is incorrect?


A) Gross profit - Operating expenses = Net income
B) Sales revenue - Cost of goods sold - Operating expenses = Net income
C) Net income + Operating expenses = Gross profit
D) Operating expenses - Cost of goods sold = Gross profit

Correct Answer:

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