Mallory is running an income statement on her QuickBooks computer accounting program. Which of the following accounts will be used to calculate gross profit?
A) revenues, net sales, depreciation, and operating expenses
B) revenues, general expenses
C) revenues, cost of goods sold, tax expenses, net income before taxes
D) revenues, cost of goods sold

Question

Quizplus · Accepted Answer

The first two elements of the income statement are (1) revenue and (2) cost of goods sold. Revenues - Cost of goods sold = Gross profit.

Mallory Is Running an Income Statement on Her QuickBooks Computer