A multiple step income statement has several measure of profit that do not include the following:...
A multiple step income statement has several measure of profit that do not include the following:
a - operating income
b- cost of sales
c- income before taxes
d - gross margin
Homework Answers
Answer:
Correct answer is:
b - cost of sales
Explanation:
Cost of sales is not a measure of profit. Gross margin, Operating income, Income before taxes which are part of multiple step income statement, are all measures of profit.
Option b is correct and other options a, c and d are incorrect.
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