Author Question: >The Garden Shop had a cost of goods sold of $108,000, operating expenses of $40,000, and net sales ... (Read 142 times)

karateprodigy · **on:** Feb 26, 2020

Question 1

An income statement is a financial statement of a business:
◦ only when the business is showing a profit
◦ both over a period of time and only when the business is showing a profit
◦ as of a certain date
◦ over a period of time

Question 2

>The Garden Shop had a cost of goods sold of $108,000, operating expenses of $40,000, and net sales of $210,000. Find the cost of goods sold percent of net sales and operating expenses percent of net sales.
◦ cost of goods sold percent of net sales: 19.0%, operating expenses percent of net sales: 51.4%
◦ cost of goods sold percent of net sales: 51.4%, operating expenses percent of net sales: 32.4%
◦ cost of goods sold percent of net sales: 32.4%, operating expenses percent of net sales: 51.4%
◦ cost of goods sold percent of net sales: 51.4%, operating expenses percent of net sales: 19.0%

meltdown117 · **Reply #1 on:** Feb 26, 2020

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