Which of the following expressions is incorrect? a. Gross profit - Operating expenses = Net income b. Sales revenue - Cost of goods sold - Operating expenses = Net income c. Net income + Operating expenses = Gross profit d. Operating expenses - Cost of goods sold = Gross profit Conway Company purchased merchandise inventory with an invoice price of $12,000 and credit terms of 2/10,n/30. What is the net cost of the goods if Conway Company pays within the discount period? a. 12,000 b. 11,760 c. 10,800 d. 11,040 Which of the following accounts is classified as a contrgrevenue account? a. Sales Revenue b. Cost of Goods Sold c. Sales Returns and Allowances d. Purchase Discounts The entry to record the receipt of payment within the discount period on a sale of $900 with terms of 2/10,n/30 will include a a. credit to Sales Discounts for $18. b. debit to Sales Revenue for $882. c. credit to Accounts Receivable for $900. d. credit to Sales Revenue for $900. Fehr Company sells merchandise on account for $7,500 to Kelly Company with credit terms of 2/10,n/30. Kelly Company returns $1,500 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check