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Gross profit and net profit are both key indicators of a business’s financial health, but they measure different aspects of profitability.
Gross profit is the revenue remaining after deducting the cost of goods sold (COGS), such as production and material costs. It shows how efficiently a company produces and sells its products. The formula for gross profit is:
Gross Profit = Revenue - Cost of Goods Sold (COGS).


Net profit, on the other hand, is the total profit after all expenses have been subtracted, including operating costs, taxes, interest, and other non-operating expenses. It re

A modern box bed design is a sleek, minimalist approach to bedroom furniture, focusing on clean lines and functionality. Typically characterized by a low-profile frame and a box-like structure, this design offers a contemporary aesthetic that works well in both small and large spaces. The modern box bed often features built-in storage drawers or compartments underneath, maximizing space and reducing clutter. Its simple yet elegant design makes it versatile, complementing various interior styles from minimalist to industrial. With its focus on practicality and modern aesthetics, a box bed is a

Closing expense accounts is an essential step in the accounting process at the end of an accounting period. To close expense accounts, you need to transfer their balances to the Income Summary account. Here’s how to do it:
Identify all expense accounts: These may include accounts such as rent, utilities, salaries, and supplies.
Debit the Income Summary account: For each expense account, you will debit the Income Summary account for the total balance of the expense.
Credit the expense accounts: Credit each expense account to reduce its balance to zero.