On October 4 , 2013 , JT Corporation had credit sales transactions of $ 3,200 from merchandise having cost $ 1,900 . The entries to record the day ’ s credit transactions include a
credit of $ 1,900 to Cost of Goods Sold . credit of $ 3,200 to Sales Revenue . debit of $ 1,900 to Inventory . debit of $ 3,200 to Inventory . 6- IFRS Multiple Choice Question 257 Comprehensive income under IFRS
excludes unrealized gains and losses included in net income , in contrast to GAAP .
includes unrealized gains and losses included in net income , similar to GAAP .
excludes unrealized gains and losses included in net income , similar to GAAP .
includes unrealized gains and losses included in net income , in contrast to GAAP
7- Multiple Choice Question 134
If a company has net sales of $ 700,000 and cost of goods sold of $ 490,000 , the gross profit percentage is
30 %.