Is gross profit and net income the same?

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Christofferso 0 Comments

Is the gross income and the net income the same thing or if not, how do they differ? How can I find gross income and net income from the financial statements?

1 Answer

score 0 · Answer 1 · 2012-12-02T19:03:58+00:00

No, gross profit and net income are not the same unless in most of the cases. In order to get the net income from the gross profit, you need to add other income (non operational income), deduct operating expenses as well as other expenses and deduct the income tax too.