The financial statement in which the cost of goods sold and expenses are subtracted from total revenue to arrive at a net income figure is a/an ______.

Question

Quizplus · Accepted Answer

The income statement is specifically designed to show the revenue generated by a business and the expenses and cost of goods sold necessary to generate that revenue, resulting in net income. Therefore, the correct answer is (D) income statement.

The Financial Statement in Which the Cost of Goods Sold