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ACCT 220-In each of the following equations supply the missing term

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ACCT 220-In each of the following equations supply the missing term

Exercise 3 In each of the following equations supply the missing term(s):Net sales = Gross sales – (______________________ + Sales returns and allowances).Cost of goods sold = Beginning inventory + Net cost of purchases – ________ ________.Gross margin = ________ ________ – Cost of goods sold.Income from operations = __________ _________ – Operating expenses.Net income = Income from operations + _________ ________ – ________ ________.



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