Gross profit on sales is calculated by subtracting (Points : 5) sales returns and allowances from sales. cost of goods sold from net sales. ending inventory from the total merchandise available for sale. total expenses from sales.
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Gross profit on sales is calculated by subtracting cost of goods sold from net sales.
Question
Updated 2/20/2018 12:39:52 PM
Flagged by Wallet.ro [2/20/2018 10:02:29 AM], Unflagged by jeifunk [2/20/2018 11:34:43 AM], Edited by jeifunk [2/20/2018 11:34:48 AM], Edited by jeifunk [2/20/2018 12:39:52 PM]
Rating
8
Gross profit on sales is calculated by subtracting cost of goods sold from net sales.
Confirmed by jeifunk [2/20/2018 12:39:54 PM]

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. Encyclopedia Britannica pays to have a business reply card bound into magazines adjacent to its advertisement. The ad asks people to return the card for more information on how its encyclopedias can help children do better in school. Encyclopedia Britannica is engaging in (Points : 2) cold-canvassing. sales follow-up order taking. data-mining. prospecting.
Question
The income summary account is a permanent account. (Points : 5) True False User: income summary account is a permanent account
Question
Updated 11/19/2014 3:43:45 PM
FALSE. The income summary account is a temporary account.
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