1 QUESTION 2 The balance sheet is also known as: the statement of financial position the income statement the statement of cash flows the statement of comprehensive income 2 QUESTION 3 If sales revenue is $250,000 and cost of sales is $175,000; the gross profit margin is: 20% 70% 30% 12%

Finance Aug 30, 2020

QUESTION 2 The balance sheet is also known as: the statement of financial position the income statement the statement of cash flows the statement of comprehensive income

QUESTION 3 If sales revenue is $250,000 and cost of sales is $175,000; the gross profit margin is: 20% 70% 30% 12%

Expert Solution

The balance sheet is also known as the statement of the financial position as it will be representing various kinds of Assets and liabilities and strengths and weaknesses of a company at a certain point of time financially.

Balance sheet is not known as income statement or statement of comprehensive income or cash flows.

Correct answer is option (A) Statement of financial position.

Gross profit=(sales-cost of sales)/sales)*100

=(250000-175000)/250000)*100

Gross Profit Margin=30%

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