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Pick the bigger figure each round

Exercise and reference answers

Questions
  1. A
    Net sales $270,500
    B
    Gross sales $275,000
    Higher value
    Gross sales $275,000
  2. A
    Gross profit $158,000
    B
    Goods sold $112,500
    Higher value
    Gross profit $158,000
  3. A
    Total current assets
    B
    Total current liabilities
    Higher value
    Total current assets
  4. A
    Owner funds $78,750
    B
    Total debt $70,150
    Higher value
    Owner funds $78,750
  5. A
    Income taxes $10,725
    B
    Net profit $32,175
    Higher value
    Net profit $32,175
  6. A
    Total fixed assets
    B
    Total intangibles
    Higher value
    Total fixed assets
Instructions
Tap whichever of the two amounts is larger.

Explanation

_Source: OpenStax Introduction to Business, section 14.5 The Income Statement_
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