Question

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

Answer 1

Gross profit / Gross Income

Step-by-step 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.