QUESTION 16 2 points The calculation of net income on a multi-step income statement is: Sales - sales discounts = net sales - cosst of goods sold = gross profit - operating expenses = net income Sales - sales discounts = net sales - operating expenses = gross profit - cost of goods sold = net income Sales + sales discounts = net sales - cosst of goods sold = gross profit - operating expenses = net income Revenues - expenses = net income QUESTION 17 2 points Which of the following properly demonstrates the flow of information through the accounting system? Journal - Trial Balance - Ledger - Financial statements Journal - Ledger - Trial Balance - Financial statements Trial Balance - Ledger - Journal - Financial statements Ledger - Journal - Trial Balance - Financial statements