Author Question: Gross profit equals ________. A) sales minus cost of goods sold B) operating income minus cost ... (Read 136 times)

formula1 · **on:** Jul 5, 2018

Gross profit equals ________.

A) sales minus cost of goods sold
B) operating income minus cost of goods sold
C) the increase in cash for the period
D) revenue minus expenses

Question 2

After the closing entries have been posted, which of the following accounts would still have a balance?
a. Miscellaneous Revenues
b. Accumulated Depreciation Equipment
c. Salaries Expense
d. Supplies Expense