5 no C what sold O the inclusion of gross profit in the stat

5 no C what sold O the inclusion of gross profit in the statement of income and expenses C accounting equation C inventory of the goods included in the statement of financial position Net income plus operating expenses equals C cost of goods sold C cost of goods available for sale C sales C gross profit What is the term applied to the excess of net income from sales on the cost of goo sold? gross profit Operating income net Income

Solution

1 Accounting equation is not the difference between a retail business and service business. 2 Net income plus operating expenses is gross profit. 3 Gross Profit is the excess of sales over cost of goods sold