On a Firm's Income Statement, Net Sales Consists of ________

question 62

Multiple Choice

On a firm's income statement, net sales consists of ________.

• A) operating expenses minus cost of sales
• B) total sales minus allowances for returned goods and discounts
• C) cost of sales minus allowances for returned goods and discounts
• D) cost of sales minus operating expenses
• E) total sales minus operating expenses

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Definitions:

Subdividing

The process of dividing land or property into smaller lots that can be sold separately.

Access

The means or opportunity to approach or enter a place or to obtain or make use of something.

Enforceable

Capable of being imposed or upheld by law.

Contracts

Contracts are legally binding agreements between two or more parties that outline terms and conditions and are enforceable by law.