Sort the list below according to whether or not an item is an assumption made under perfect competition (aka pure competition or
1 answer:
You might be interested in
Answer:
Note: <em>The organized question is attached</em>
<em />
d. Net income = Income from operating - Other expenses and losses
Net income = $15,000 - $4,000
Net income = $11.000
f. Gross profit - Sales - Cost of goods sold
$38,000 = $95,000 - Cost of goods sold
Cost of goods sold = $95,000 - $38,000
Cost of goods sold = $57,000
h. Income from operations = Net income - Other expenses and losses
Income from operations = $11,000 + $7,000
Income from operations = $18,000
g. Income from operations = Gross profit - Operating expenses
$18,000 = $38,000 - Operating expenses
Operating expenses = $38,000 - $18,000
Operating expenses = $20,000
