In summary, gross profit is the amount of revenue available after subtracting the costs of delivering goods or services.
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2. COMPONENTS AND FORMAT OF THE INCOME STATEMENT and merchandising companies, gross profit is a relevant item and is calculated as revenue minus the cost of the goods that were sold. For service companies, gross profit is calculated as revenue minus the cost of services that were provided. <span>In summary, gross profit is the amount of revenue available after subtracting the costs of delivering goods or services. Other expenses related to running the business are subtracted after gross profit.
Another important subtotal which may be shown on the income statement is operating profit
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