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Which of the following is considered a non-operating activity?
How do non-operating activities affect the calculation of income before income taxes?
A company has net sales of \$900,000, COGS of \$600,000, operating expenses of \$200,000, non-operating revenues of \$30,000, non-operating expenses of \$20,000, and income tax expense of \$40,000. Calculate the net income using the multi-step income statement format.
Which of the following is the first subtotal calculated in a multi-step income statement?
Why is gross profit considered a significant subtotal in a multi-step income statement?
Which of the following is considered an operating expense?
If a company has a gross profit of \$200,000 and operating expenses totaling \$80,000, what is the income from operations?
A company has net sales of \$800,000, COGS of \$500,000, operating expenses of \$150,000, non-operating revenues of \$20,000, non-operating expenses of \$10,000, and income tax expense of \$30,000. Calculate the net income using the multi-step income statement format.
A company reports sales revenue of \$750,000 and COGS of \$450,000. What is the gross profit?
Which of the following is an example of non-operating revenue?