Question

what is the formula for determining net income?
net income = income - cost of goods sold x expenses
net income = income - cost of goods sold - expenses
net income = income x cost of goods sold x expenses
net income = income + cost of goods sold + expenses

Explanation:

Net income is calculated by subtracting the cost of goods sold and all expenses from the total income. This is a fundamental concept in accounting to determine the profit of a business entity.

Answer:

Net income = Income - Cost of goods sold - Expenses