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USTE Shop calculated its net income for the first quarter of 2020 by first determining its gross income of $40,000 from total revenues of $60,000 and cost of goods sold of $20,000. After summing up total expenses of $20,000, USTE found its net income to be $20,000. This calculation illustrates the process of determining net income using revenues, expenses, and gross income.

Author

Angel

Language

EN