Financial information is presented below:Operating expenses             $ 90,000Sales returns and allowances     26,000Sales discount                           12,000Sales revenue                         300,000Costs of sales                          154,000The amount of gross profit on the income statement would be:Group of answer choices$146,000.$152,000.$108,000.$120,000.

Operating expenses $ 45,000 Sales returns and allowances 13,000 Sales discount 6,000 Sales revenue 150,000 Costs of sales 77,000 The amount of net sales on the income statement would be:

Sales discounts $ 950Office salaries expense 4,000Rent expense—Office space 3,500Advertising expense 900Sales returns and allowances 450Office supplies expense 900Cost of goods sold 13,000Sales 60,000Insurance expense 3,000Sales staff salaries expense 4,500Prepare a multiple-step income statement for the year ended December 31.

Given the information below, what is the gross profit? Sales revenue $ 345,000Accounts receivable 53,000Ending inventory 113,000Cost of goods sold 239,000Sales returns 23,000Multiple Choice$86,000$83,000$209,000$106,000

If sales revenue is $600,000 and cost of sales is $450,000, the gross profit margin is:33%25%67%75%

The statement below is likely from which of the following type of business and form of organisation:Income StatementFor the year ended 30th Junerevenue$250 000 Cost of salesGross profitExpenses:Selling expensesFinancing expensesGeneral & administrative expensesTotal expensesNet profit before taxIncome tax expenseNet profit after tax100 000       50 00010 00050 000    150 000  110 00040 00012 00028 000Question 9Answera.a service companyb.a merchandising sole-proprietorshipc.a merchandising partnershipd.a merchandising companye.a service sole-proprietorship