Question

Select all of the options that correctly complete this sentence: The difference in revenue and cost of goods sold is often referred to as: O markup gross assets O net assets net liabilities O gross profits gross margin

Answer 1

<sup>Answer - Select all of the options that correctly complete this sentence The difference in revenue and cost of goods sold is often referred to asi Markule gross assets Net sales Nettiabities - gross profits --> Correct option o gross margin As, We know that Gross profit 1 - (Revenue - cost of goods sold Therefore, the difference in revenue and cost of goods sold is often referred to as Gross profits. → Identify the following accounts as temporary, or permanent Temporary Accounts permanent Accounts Account Receivable Accumulated Depreciate Dividends paid Rent Expense Unearned Service Revenue Cash Service Revenue AN 25 En & 08006 Capital Stock Interest Expense Prepaid Rent a

- Attey Closing entries are made, indicate whether the account will have a zero balance or will start out the year with a balance that is the same as the ending balance from the Previous batante sheet Zero balance Has a balance that is meathe ending balance from JADUSE prepaid Rent Unearned Revenue Service Revenue Accumulated Depreciate Retained Earnings Rent Expense Capital Stock Depreciation Expense 608006 0 0 0 $6006 > What is the result of the adjusting entry to record Un earned revenue that has now been earned? O It decreases a liability and increases a revenue. O It decreases an asset and increases an expense. O It decreases a llability and increases an expense. Lo It increases an asset and increases an revenue.->0 option To unearned revenue that has now been earned will result of adjusting entry to record increases an asset and increases an revenue by the amount that now earned</sup>