The _____ summarizes an organization’s financial status at the end of an accounting period
20. The _____ summarizes an organization’s financial status at the end of an accounting period
| A. | trial balance | |
| B. | income statement | |
| C. | cash flow statement | |
| D. | balance sheet | |
| E. | accounts payable ledger |
21. Watts Regulator makes hydroponic pressure valves used in water pumps and water heaters. Watts had $100,000 in net sales for the month. Cost of goods sold was $42,000. On an income statement, the remaining $58,000 would be classified as: here]
| A. | gross revenues | |
| B. | net income | |
| C. | general income | |
| D. | net revenues | |
| E. | gross profit |
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