When creating the income statement,which of the following statements is accurate?
A)Revenues,minus general operating expenses = gross profit.
B)Revenues,minus tax expense = gross profit.
C)Revenues,minus depreciation expense = gross profit.
D)Revenues,minus cost of goods sold = gross profit.

Question

Quizplus · Accepted Answer

The correct formula for calculating gross profit is revenues minus cost of goods sold.

When Creating the Income Statement,which of the Following Statements Is