Net sales plus cost of goods sold is reported on the income statement as income from continuing operations.

Name: Net sales plus cost of goods sold is reported on the income statement as income from continuing operations.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Net sales minus cost of goods sold is reported as gross profit on the income statement. Income from continuing operations is calculated by subtracting operating expenses and taxes from gross profit.

Net Sales Plus Cost of Goods Sold Is Reported on the Income