Gross sales are the total amount of sales a company earned throughout a specific period that is 3700 dollars.
What is income tax?
Income tax is a tax applied on individuals or entities concerning income or profit earned by them.
Gross sales are the total amount of sales a company earned throughout a specific period, without taking into consideration any costs involved with running a business.
Gross sales do not factor in expenses related to running a business, also known as cost of goods sold (COGS), which get deducted when calculating net sales.
For example, they do not account for costs associated with item production, employee wages, building rent, returns, theft, or sales tax.
Gross Sales = $3,700
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