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in the period that income taxes are paid.
when cash is received.
when the performance obligation is satisfied.
at the end of the month.
Question 16
Merchandising companies that sell to retailers are known as
brokers.
corporations.
wholesalers.
service firms.
Question 17
Gross profit equals the difference between
sales revenue and cost of goods sold.
sales revenue and operating expenses.
net income and operating expenses.
sales revenue and cost of goods sold plus operating expenses
Question 18
Net income will result if gross profit exceeds
purchases.
cost of goods sold.