Cross profit is equal to a. sales plus cost of merchandise sold b. sales less selling expense c. sales plus selling expense d. sales less cost of merchandise sold Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing)? A. analyze and recorded transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, and prepare a post-closing trial balance. c. prepare financial statements, journalize closing entries and post o the ledger analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries. d. prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statement journalize closing entries and post to the ledger, analyze and record transaction in the ledger. Four financial statements are usually prepared for a business. The statement of cash flows is usually prepared last. The retained earnings statement (RES), the balance sheet (B), and the income statement (f) are prepared a certain order to obtain information needed for the next statement. In what order are three statements prepared? a. RES, I, B b. B, I, RES c. I, RES, B d. B, RES, I There are four closing entries. The first one is to close revenues, the second one is to close expenses, the third one is to close _____ and the last one is to close the _____ a. Income Summary: assets b. Income Summary: dividends account c. dividends account; Income Summary d. Income Summary; common stock account During a period of consistently rising prices, the method of inventory that will result in reporting the greatest of merchandise sold is a. average cost b. LIFO c. weighted average d. FIFO