Examlex
Fill in the correct labels for the following figure using the word bank below.
-B ___________
Goods Held for Resale
Refers to items that a company has in its inventory that are purchased with the intention of being sold to customers rather than being used in the production process.
Gross Profit
The difference between sales revenue and the cost of goods sold before deducting overheads, payroll, taxation, and interest.
Operating Expenses
Costs incurred in the normal operations of a business, such as rent, utilities, and payroll.
Net Income
The conclusive financial gain of a company after expenses and taxes have been removed from the initial total revenue.
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