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How to solve Assuming the perpetual inventory system is used, which of the following statements about the multistep income statement is correct? Multiple Choice Sales

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Assuming the perpetual inventory system is used, which of the following statements about the multistep income statement is correct?

Multiple Choice

Sales discounts affect the calculation of Gross Profit.

Contra

-

accounts affect the Cost of Goods Sold.

Contra

-

revenue accounts increase Other Expenses.

Sales discounts are a Selling, General, and Administrative Expense.

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