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Joseph Company reported the following information for the current year: The company's operating income was:
Patents
Exclusive rights to produce and sell goods with one or more unique features.
Net Income
The total profit or loss a company generates from its operations over a specific period after all expenses have been subtracted from revenues.
Operating Activities
The element of a company's cash flow statement that represents the cash flow from regular business operations.
Gain
An increase in wealth or resources, typically recognized when assets are sold for more than their carrying amount.
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