Which of the following represents the equation for an income statement?

		Cost of Goods Sold + Operating Expenses = Net Income
		Revenues - Cost of Goods Sold - Operating Expenses = Net Income
		Cost of Goods Sold Operating Expenses + Revenues = Net Income
		Operating Expenses + Cost of Goods Sold + Net Income = Revenues

A radio station pays salaries, rent, insurance, and utilities each month. Which part of the income statement do these represent?

		Current assets
		Operating expenses
		Cost of goods sold
		Liabilities

What are operating expenses?

		The dollar amount equal to beginning inventory plus net purchase less ending inventory
		The dollar amount earned by a firm from selling goods, providing services, or performing business activities
		All business costs other than the cost of goods sold
		The profit that remains when revenues exceed expenses