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Description: operating income is:a- net sales less cost of goods soldb- earning before interset and taxc- earning before tax and nonrecurring itemsd- gross profit less operating expenses

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Accounting

operating income is: a- net sales less cost of goods sold b- earning before interset and tax c- earning before tax and nonrecurring items d- gross profit less operating expenses

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 20MC: A multi-step income statement ________. A. separates cost of goods sold from operating expenses B....

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Similar questions

A multi-step income statement ________. A. separates cost of goods sold from operating expenses B. considers interest revenue an operating activity C. is another name for a simple income statement D. combines cost of goods sold and operating expenses
The measurement of earnings concept that consists of a companys profit from operations after taxed are subtracted is ________. A. ROI B. EPS C. EBITDA D. NOPAT
A simple income statement ________. A. combines all revenues into one category B. does not combine all expenses into one category C. separates cost of goods sold from operating expenses D. separates revenues into several categories
Gross profit is equal to Select one: a. revenues - expenses b. sales - cost of goods sold c. profits plus depreciation d. earnings before taxes minus taxes payable
The gross profit percentage is equal to: A. Net operating income/Sales B. Cost of goods sold/Sales C. Cost of goods sold/Net income D. (Net operating income + Operating expenses)/Sales E. (Net operating income - Operating expenses) /Sales
What is the term applied to the excess of revenue from sales over the Cost of Merchandise Sold? a. net income Ob. gross sales Oc. gross profit Od. income from operations
Which of the following would calculate Net Income or Net Loss? O Gross Profit - Operating Expenses O Gross Profit + Cost of Goods Sold O Gross Profit + Operating Expenses O Gross Profit Cost of Goods Sold
Gross profit is the difference between: Select one: a. revenues and expenses. b. net income and operating income. c. gross sales and sales discounts. d. Net sales and cost of goods sold.
Other income is a. added to operating income. b. deducted from operating income. c. added to gross profit. d. deducted from sales.
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
What is Gross Margin? a) (Net Sales - Cost of Sales – Operating Expenses) / Net Sales b) Net Sales - Cost of Sales c) (Net Sales - Cost of Sales) / Net Sales d) Net Sales - Cost of Sales – Operating Expenses
Profit or Loss is computed by subtracting cost / expenses from – a. income/revenue c. sales b. sales discount d. operating expenses The Total Cost and Expenses is calculated by – a. adding cost and expenses b. subtracting expenses from costs c. adding revenue and expense d. subtracting expense from revenue