When creating the income statement, which of the following statements is accurate? revenues, minus general operating expenses = gross profit. revenues, minus tax expense = gross profit. revenues, minus depreciation expense = gross profit. revenues, minus cost of goods sold = gross profit.?

Question

Jamison Lyons

Business

30 January, 19:51

When creating the income statement, which of the following statements is accurate? revenues, minus general operating expenses = gross profit. revenues, minus tax expense = gross profit. revenues, minus depreciation expense = gross profit. revenues, minus cost of goods sold = gross profit.?

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Tiara · Answer 1

I think the correct answer from the choices listed above is the last option. When creating the income statement, it should be that revenues, minus cost of goods sold = gross profit. This is always true. HOpe this answers the question. Have a nice day.