A computer company has $3,000,000 in research and development costs. Before accounting for these costs, the net income of the company is $2,400,000
<h3>What is
net income?</h3>
Net income is defined in business and accounting as an entity's income less cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period.
Net revenue reporting, which subtracts the cost of goods sold from gross revenue, provides a more accurate picture of the bottom line.
Profit is simply the revenue left over after expenses; it exists on several levels, depending on which costs are deducted from revenue. Net income, or net profit, is a single number that represents a specific type of profit. The well-known bottom line on a financial statement is net income.
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