What is an income statement
How to create an income statement
Gross profit can be calculated by subtracting the business’s cost of goods sold from the total revenue. The cost of goods sold refers to the amount of money that is spent on the costs of producing products or providing services.
However, calculating gross profit does not take additional expenses into account.
Net Profit is the final profit figure arrived at after all costs and expenses, both direct and indirect, have been accounted for.
Created: 2023-12-05
