Asked by
sydnee harris
on Oct 28, 2024
Verified
Which of the following businesses would most likely not report cost of goods sold on its income statement?
A) A law firm.
B) An automobile dealership.
C) A pizza restaurant.
D) A computer chip manufacturer.
Cost of Goods Sold
The direct costs attributable to the production of goods sold by a company, including material and labor costs.
Law Firm
A business entity formed by one or more lawyers to engage in the practice of law, providing advice to clients and representing them in legal matters.
- Comprehend the reporting requirements for different types of expenses on the income statement.
Verified Answer
AB
Learning Objectives
- Comprehend the reporting requirements for different types of expenses on the income statement.