Question by JuJuBee: What’s the difference between Gross Sales and Net Sales?
If my restaurant takes in $ 744 at lunch, is that my Gross Sales? And the money made before taxes is Net Sales? Iowa has 7% sales tax, so my net sales in this case would be $ 695, is that right? Or are there different terms for pre-tax and post-tax figures?
Best answer:
Answer by Damon Lyon
Gross is the entire amount. Net is after taxes and other deductions.
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