if the cost of goods sold was $42,000 the income from sales was $86,000 and the expenses were $12,000 find gross profit and net profit

Gross profit is $44,000 and Net profit is $32,000

Step-by-step explanation:

Given:

cost of goods sold = $42,000 The income or revenue = $86,000 expenses = $12,000

Gross profit:

Gross Profit = Total income - Cost of goods sold

⇒ $86,000 - $42,000

⇒ $44,000

⇒ Gross profit is $44,000

Net profit:

Net profit = Gross profit - Total Expenses

⇒ $44,000 - $12,000

⇒ $32,000

⇒ Net profit is $32,000