Quiz_6 - Acct-101 new Quiz 6 Which one of the following is...

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Which one of the following is not a difference between a retail business and a service business? in what is sold the inclusion of gross profit in the income statement accounting equation merchandise inventory included in the balance sheet A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $3,600; Freight-In, $650; Purchases, $10,700; Purchases Returns and Allowances, $1,950; Purchases Discounts, $330. The cost of merchandise purchased is equal to $12,670 $9,070 $8,420 $17,230 Multiple-step income statements show gross profit but not income from operations neither gross profit nor income from operations both gross profit and income from operations income from operations but not gross profit Gross profit is equal to: sales plus (sales discounts and sales returns and allowances) plus cost of merchandise sold sales plus sales returns and allowances less sales discounts less cost of merchandise sold sales plus sales discounts less sales returns and allowances less cost of merchandise sold
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This note was uploaded on 03/01/2010 for the course ACCT 2301 taught by Professor White during the Spring '08 term at Central Texas College.

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Quiz_6 - Acct-101 new Quiz 6 Which one of the following is...

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