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Statement Of Income
A financial document that outlines a company's revenues, expenses, and net income over a specific period, providing insight into financial performance.
Cost Of Goods Sold
The direct costs attributable to the production of the goods sold in a company, including materials and labor.
Gross Profit
The profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.
Single-Step
A simplified method used in income statement preparation that aggregates all revenues and subtracts all expenses to calculate net income.
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