The income statement ______.
A)subtracts the cost of goods sold from the total revenue to determine net income
B)subtracts the operating expenses from the total revenue to determine net income
C)subtracts the cost of goods sold and operating expenses from the total revenue to determine net income
D)reports all income with no adjustment for cost of goods sold or operating expenses

Question

Quizplus · Accepted Answer

The income statement subtracts both the cost of goods sold and operating expenses from the total revenue to determine net income, reflecting a company's financial performance over a specific period.

The Income Statement ______