Question 14 3 pts The information contained below is for the fiscal year ended December 31, 2018. Calculate the operating income for 2018. $117.000 48.000 69,000 16.000 Cost of goods sold General and administrative expenses Net cash provided by financing activities Dividends paid Extraordinary loss from an tlood, net of tax savings of $32,000 Income tax expense Other selling expenses Net sales Advertising expense Accounts payable 74.000 11.000 26,000 278.000 39.000 33.000 48,000 87,000 32,000 (26,000) Question 16 3 pts The concept of matching revenue and expense refers to the fact that: all costs incurred in the process of earning revenue during a period are recorded as an expense in that period. expenses for a period equal the revenues for the period. all cash disbursements during a period are subtracted from all cash receipts during the period. costs incurred in the process of earning revenue during a period are deferred and expensed in a future period. Question 17 3 pts Which of the following accounts is not included in the calculation for Gross Profit? General and selling expenses. Revenue. Net sales. Cost of goods sold