Author Question: Operating profit is the difference between: a. net sales and returns and allowances. b. gross ... (Read 115 times)

gonzo233 · **on:** Jun 29, 2018

Operating profit is the difference between:
a. net sales and returns and allowances.
b. gross margin and operating expenses.
c. gross margin and cost of goods sold.
d. cost of goods sold and returns and allowances.
e. gross sales and cost of goods sold.

Question 2

_____ are those expenses that a retailer incurs in running the business other than the cost of the merchandise.
a. Total assets
b. Return expenses
c. Current assets
d. Operating expenses
e. Prepaid expenses