Which One of the Following Would Appear on the Income

question 59

Multiple Choice

Which one of the following would appear on the income statement of a merchandising company,but not on the income statement of a service company?

• A)Cost of goods sold
• B)Selling and administrative expenses
• C)Net sales
• D)Income tax expense

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Definitions:

Economic Positions

The status or place of individuals or groups within the economic structure of society, influenced by factors like income, wealth, and occupation.

Political Action Committees

Organizations that collect funds from members and donate those funds to campaign for or against political candidates, legislation, or policies.

Legitimate Right

A recognized or sanctioned entitlement or authority within a social or legal framework.

Wield Power

To have control or authority over others, often used in the context of politics, leadership, or social influence.