Business Study Set 1
John Wants to Determine Gross Profit for His Company.
John wants to determine gross profit for his company.To do so,he must subtract the cost of goods sold from gross sales revenue.
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The income statement details a firm's yearly cash receipts and cash payments.
The three major categories of items shown on an income statement are revenues,cost of goods sold,and operating expenses.
Madeline wants to determine operating income for her company.To do so,she must subtract both the cost of goods sold and all operating expenses from gross sales revenue.
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