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Contrast an unclassified income state


  • Explain?why?a?company?would?choose?to?present?its?income?statement?data?in?a?classified?format.??Identify?and?describe?the?major?sections?of?a?classified?income?statement
  • In?each?of?the?following?equations?supply?the?missing?term(s):????????
  • Net sales = Gross sales - (______________________ + Sales returns and allowances).
  • Cost of goods sold = Beginning inventory + Net cost of purchases - ________ ________.
  • Gross margin = ________ ________ - Cost of goods sold.
  • Income from operations = __________ _________ - Operating expenses.
  • Net income = Income from operations + _________ ________ - ________ ________.

 


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DATE ANSWERED

Apr 19, 2020

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