An income statement must factor in the cost of goods sold
Indicate whether the statement is true or false.
Answer: TRUE
Explanation: In an income statement, cost of goods sold must be subtracted from sales in order to obtain net profit.
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Fixed expenses:
A. includes labor, raw materials, and commissions. B. can be estimated by taking into consideration the production. C. are incurred regardless of sales volume. D. must be linked to strategy in the business plan.
All U.S. employees contribute the same annual amount to Social Security programs under the Federal Insurance Contributions Act
Indicate whether the statement is true or false
Michael Woodford, former president and CEO of Olympus Corp, states that organizations must integrate _______________________ into corporate culture.
a. the values of integrity, honesty and altruism b. the values of social justice c. the values of integrity and fairness d. the mindset of working within the framework of the law
A corporate financial analyst must calculate the value of an asset which produces year-end annual cash flows of $0 the first year, $2,000 the second year, $3,000 the third year, and $2,500 the fourth year. Assuming a discount rate of 15 percent, what is the value of this asset?
What will be an ideal response?