Which of the following statements is correct?
The term single-step income statement is sometimes used to describe a classified income statement.
If a business is to earn a net income, the gross profit on sales must be great enough to more than cover operating expenses.
Salaries of office employees would be grouped with the selling expenses in the Operating Expenses section of the income statement.
All of these statements are correct.
If a business is to earn a net income, the gross profit on sales must be great enough to more than cover operating expenses is correct.
Question
Asked 9/9/2012 10:18:37 PM
0 Answers/Comments
This answer has been confirmed as correct and helpful.
Rating
There are no new answers.
