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FASB ASC 6‐2 Net Income The definition of net income is contained in the FASB ASC....

FASB ASC 6‐2 Net Income The definition of net income is contained in the FASB ASC. Find this definition, cite the paragraph, and copy it.

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Solution:

Net income:

Net Income is a company's total earnings or profit. Net income is calculated by taking revenues and subtracting the cost of doing business such as depreciation, interest, taxes, and other expenses.

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