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Merchandising Income Statement
A financial statement that shows the gross profit, operating expenses, and net income of a company that buys and sells goods.
Administrative Expenses
Administrative Expenses are costs related to the general operation of a business, including expenses such as office supplies, salaries of administrative personnel, and rent.
Operating Income
Income generated from the normal business operations of a company, excluding expenses such as interest and taxes.
Purchases Returns and Allowances
Purchases Returns and Allowances is an account that tracks the reduction in costs due to returned goods or provided allowances after the purchase has been made.
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