In the accompanying figure, label 3 indicates the ____.
Definitions:
Balance Sheet
An exposition on a company's assets, its financial responsibilities, and the equity owned by shareholders, documented at a fixed point in time.
Total Revenue
The overall amount of money generated by a company from its business activities, before any expenses are subtracted.
Total Expenses
The sum of all costs and expenses incurred by a business during a given period, including operating and non-operating expenses.
Net Income
Net income is the profit a company makes after deducting all its costs and expenses from its total revenue.
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