zyir1898 zyir1898

31-01-2020
Business

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

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hyderali230 hyderali230

01-02-2020

Answer:

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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