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16 July, 17:19

What is the term applied to the amount that net sales exceeds cost of goods sold on an income statement?

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  1. 16 July, 20:45
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    Gross profit / Gross Income

    Explanation:

    Term applied to the amount that net sales exceeds cost of goods sold on an income statement is Gross profit / Gross Income. We deduct cost of gods sold from Net sales to calculate Gross profit / Gross Income in the income statement. After this we deduct operating expenses to calculate Net profit / Net Income.
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