1. what is subtracted from gross revenue (gross income) to calculate net income on the income statement?
   1. current liabilities
   2. current assets
   3. cost of goods sold
2. Which of the following represent non-current assets?
   1. inventory, supplies, prepaid expenses
   2. cash, accounts receivable, inventory
   3. fixed assets, intellectual property, goodwill
3. which one is the accounting equation?
   1. assets + equity = liabilities
   2. assets + liabilities= equity
   3. assets= liabilities + equity
4. accounts receivable, on the balance sheet, are classified as:
   1. current assets
   2. long term fixed assets
   3. other non-current assets