Question

HELP 10 POINTS!!!!!!!!!!!! ONE QUESTION!!!!!!!

Gross profit by department appears on the:


income statement.

statement of cash flows.

statement of retained earnings.

balance sheet.

Answer 1

Gross profit is a required income statement entry that reflects total revenue minus cost of goods sold (COGS). Gross profit is a company's profit before operating expenses, interest payments and taxes. Gross profit is also known as gross margin