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Why must most milk sold in the U.S.be refrigerated at all times while evaporated canned milk and milk in cardboard containers sold in Europe do not need to be refrigerated until they are opened?
Gross Profit
The difference between revenue and the cost of goods sold before accounting for certain expenses.
Operating Expenses
Regular costs associated with operating a business, such as rent, utilities, and payroll.
Net Income
The final amount of profit a company declares after reducing its total revenue by the incurred taxes and expenses.
Single-Step Income Statement
A simplified income statement that calculates net income by subtracting total expenses from total revenues with only one step.
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