Operating income is calculated as net sales minus: A. Ultilities expense. B. Salaries expense. C. Cost of goods sold. D. All of the other answer are subtracted from net sales to calculate operating income. The cost inventory sold during the current year classified as an___in the___ A. Assets, balance sheet. B. Expense, income statement. C. Liability, balance sheet. D. Revenue, income statement. A company's ajustment for uncollectible account at year-end would include. A. Debits to bad debt expense. B. Credit to Accounts receivable. C. Debit to accounts receivable. D. Debit to allowance for Uncollectible Accounts.