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Net Income equals: A. Sales minus Sales Returns & Allowances minus Sales Discount minus Cost of goods sold minus Operating Expenses. B. Gross Profit minus

Net Income equals:

A.

Sales

minus

Sales Returns & Allowances

minus

Sales Discount

minus

Cost of goods sold

minus

Operating Expenses.

B.

Gross Profit

minus

Operating expenses.

C.

Net Sales

minus

Cost of goods sold

minus

Operating expenses.

D.

All of the above are correct.

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