Gross profit equals ________. A) sales minus cost of goods ...

[formula1]

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

[vseab]

Answer to Question 1

A

Answer to Question 2

b

[formula1]

Thanks for the timely response, appreciate it

[tranoy]

TYSM