Income Statements Quiz

4 Questions

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Income Statements Quiz

Questions and Answers
  • 1. 
    Which of the following is NOT in an income statement?
    • A. 

      Revenue from Sales

    • B. 

      Income

    • C. 

      COGS

    • D. 

      Gross Profit

    • E. 

      Expenses

    • F. 

      Net Profit

  • 2. 
    Calculate COGS if:Opening Stock = $25,000Purchases = $50,000Closing Stock = $25,000
    • A. 

      $25,000

    • B. 

      $50,000

    • C. 

      $75,000

    • D. 

      $100,000

  • 3. 
    Calculate Gross Profit if:Slaes = $500,000COGS = $300,000
    • A. 

      $200,000

    • B. 

      $300,000

    • C. 

      $500,000

    • D. 

      $800,000

  • 4. 
    Calculate Net Profit if:Gross Profit = $350,000Expenses = $250,000
    • A. 

      $600,000

    • B. 

      $350,000

    • C. 

      $250,000

    • D. 

      $100,000