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:

Verified
Correct Answer:
Verified
Q175: Glover Co.returned defective goods costing $5,000 to
Q176: Arquette Company's financial information is presented below.
Q177: The multiple-step form of income statement is
Q178: In a worksheet for a merchandising company,
Q179: A credit sale of $4,000 is made
Q181: The terms 2/10, n/30 state that a
Q182: Charlie Company uses a perpetual inventory system.During
Q183: The income statement for Pepe Serna Company
Q184: Presented here are the components in Bradley
Q185: Under a perpetual inventory system, the cost