On a multi-step income statement, which of the following is subtracted from net sales revenue to arrive at gross profit?
A)cost of goods available for sale
B)cost of goods sold
C)sales discounts and Sales returns and allowances
D)operating expenses

Question

Quizplus · Accepted Answer

Cost of goods sold is subtracted from net sales revenue to arrive at gross profit on a multi-step income statement.

On a Multi-Step Income Statement, Which of the Following Is