Reference no: EM132998867

Problem 1: The item on the Income Statement that accounts for the costs of the product that is sold (for example, for a shoe company, the cost of making the shoes) is known as.

Group of answer choices

Option 1: Sales

Option 2: Gross Profit

Option 3: Cost of Goods Sold (COGS)

Option 4: Indirect Expenses

Problem 2: On a balance sheet, the things the company 'owns' are known as .

Group of answer choices

Option 1: Assets

Option 2: Owners Equity

Option 3: Retained Earnings

Option 4: Liabilities