Define gross margin and operating income. Explain how they are used in evaluating a company.
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Q11: Inventory is a current liability on the
Q12: Gross margin is equal to net sales
Q13: Sales discounts is a contra account and
Q14: Credit terms of 1/15 n/30 means the
Q15: Cost of goods sold is an operating
Q17: A seller requesting payment will send the
Q18: Sales revenue minus sales returns and allowances
Q19: Sales revenue and Net sales are synonymous
Q20: Quantity discounts offered by suppliers for large
Q21: Using a perpetual inventory system, the entry
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