Cost of goods sold appears on the:
A) balance sheet as a deduction from sales.
B) statement of retained earnings as an addition to beginning retained earnings.
C) income statement as a deduction from gross profit.
D) income statement as a deduction from sales.
Correct Answer:
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Q14: Revenues were $170,000, expenses were $90,000, and
Q15: Assets are generally classified as:
A)producing assets and
Q16: Stockholders' equity decreases as a result of:
A)owner
Q17: A net loss occurs when:
A)total revenues exceed
Q18: Assets appear on the:
A)statement of retained earnings.
B)income
Q20: For which form of business ownership are
Q21: The main source of cash for a
Q22: The balance sheet contains the:
A)amount of cash
Q23: Equipment would appear on the:
A)income statement with
Q24: A company's gross profit for the period
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