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    Budgeting and Forecasting: Define gross profit

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    The income statement shows gross profit, which is equal to:
    earnings before taxes minus taxes.
    gross revenues minus returns and allowances.
    net sales minus cost of goods sold.
    operating income minus interest.
    operating income minus operating expenses.

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    Gross profit is equal to Net Sales minus cost of goods sold.

    Explanation: Gross profit or gross margin is defined as excess of ...

    Solution Summary

    The expert examines budgeting and forecasting to define gross profits.