Which item(s) are NOT accurately reflected in the calculation of gross profit? Select all that apply
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Which item(s) are NOT accurately reflected in the calculation of gross profit? Select all that apply
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Which item(s) are NOT accurately reflected in the calculation of gross profit? Select all that apply. Income statement
A Net sales
B – Cost of goods sold
C – Gain on sale
D – Interest income
E-Salary expense
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2023-03-01T09:22:07+00:00
2023-03-01T09:22:07+00:00 1 Answer
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Answer ( 1 )
Please briefly explain why you feel this answer should be reported .
The items that are NOT accurately reflected in the calculation of gross profit are:
C – Gain on sale D – Interest income E – Salary expense
The calculation of gross profit only includes the net sales and cost of goods sold. It does not include gains on sale, interest income, or salary expenses.