Gross Profit

The profit a business makes after deducting the costs involved in making, providing, and selling the goods and services. In an income statementOne of the major financial statements focused on a business’s revenues and expenses in a particular period. It is also known as the profit and loss statement. The income statement includes the gross profit, earnings before tax, and net profit.Tax Returns: The forms a business..., it is the salesThe total amount in dollars made in the business before expenses are deducted. See also Gross Revenue. minus the cost of goods soldAlso known as Cost of Sales, Cost of Goods Sold includes the direct costs associated with generating revenue. Depending on the business, it can be physical products, supplies, and/or payroll. More.

Gross profitThe profit a business makes after deducting the costs involved in making, providing, and selling the goods and services. In an income statement, it is the sales minus the cost of goods sold.Gross profit = Revenue - Cost of Goods Sold = Revenue – Cost of Goods Sold