Homework Answers
1. Gross profit - Operating expenses = Income from operation.
2. Cost of goods sold + gross profit = Net Sales
3. Sales revenue - Sales discount - Sales return and allowance = Net sales.
4. Income from operation + Other revenue - Other expenses = Net Income.
5. Net Sales - Cost of goods sold = Gross profit.
Format-
| Sales |
| Less: Sales discount |
| Less: Sales return and allowance |
| Net sales |
| Less: cost of goods sold |
| Gross profit |
| Less: Operating expenses |
| Income from Operations |
| Add: Other revenue |
| Less: Other expenses |
| Net income. |
****************
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ANSWER “
1. Gross profit - Operating expenses = EBIT
2. Cost of goods sold + Gross profit = Net Sales
3. Sales revenue - Sales discount - Returns and allowances = Net sales
4. Income from operation + Other revenue - other expenses = Net income.
5. Net sales - Cost of goods sold = Gross profit
Add Answer to:
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Income Before Income Taxes
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