Question

From income statement we find out...
gross profit,
financial position of business,
net profit.
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Answer 1

Answer:

Formula: Sales – COGS = gross profit – expenses = net profit

The net profit will show whether your business has earned or lost money.

Answer 2

Answer:

Formula: Sales – COGS = gross profit – expenses = net profit

The net profit will show whether your business has earned or lost money.

Explanation:

Gross profit will appear on a company's income statement and can be calculated by subtracting the cost of goods sold (COGS) from revenue (sales). These figures can be found on a company's income statement. Gross profit may also be referred to as sales profit or gross income.