Asked by astrid truluck on Jun 14, 2024
Verified
Net income is gross profit less
A) financing expenses.
B) operating expenses.
C) other expenses and losses.
D) other expenses.
Net Income
The total earnings or profit of a company after subtracting all expenses, including taxes and operating expenses, from its total revenue.
Gross Profit
Revenue minus the cost of goods sold, indicating the efficiency of a company in managing its labor and supplies in producing goods.
Operating Expenses
Costs associated with the day-to-day operations of a business, excluding direct production costs, such as rent, utilities, and administrative salaries.
- Understand the concept and method to calculate net income.
Verified Answer
Learning Objectives
- Understand the concept and method to calculate net income.
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