Gross profit is the extra amount the company receives from the customer for merchandise sold over what the company paid to the vendor

The auditor's report ________

A) attests that the financial statements are error-free B) is prepared by the internal auditors C) states whether the financial statements are presented in accordance with GAAP D) does not include an assessment of the effectiveness of the company's internal controls

Chase Inc. sells 2,000 shares of treasury stock that were purchased for $32,000 at $20/share. The entry to record this sale should include a credit to

A. Loss from Sale of Treasury Stock $8,000 B. Gain from Sale of Treasury Stock $8,000 C. Retained Earnings $8,000 D. Paid-In Capital from Treasury Stock $8,000