Reference no: EM132695474

Problem 1: Net sales is Sales less

A) Sales returns.

B) Sales discounts.

C) Sales returns and allowances.

D) Sales returns and allowances and sales discounts.

E) None of the above

Problem 2: Gross margin (gross profit) from sales is the difference between which of the following?

A) Net sales and the cost of goods sold plus all the expenses

B) Net sales and operating expenses

C) Gross sales less the sales discounts and sales returns and allowances

D) Net sales and the cost of goods sold

E) None of the above