Watts Regulator makes hydroponic pressure valves used in water pumps and water heaters.Watts had $100,000 in net sales for the month.Cost of goods sold was $42,000.On an income statement,how would the remaining $58,000 be classified?
A) as gross profit
B) as net revenues
C) as general income
D) as gross revenues

Question

Quizplus · Accepted Answer

The remaining $58,000 after deducting cost of goods sold would be classified as gross profit.

Watts Regulator Makes Hydroponic Pressure Valves Used in Water Pumps