Perhaps the most humiliating portion of the treaty for the defeated Germany was Article 231, commonly known as the War Guilt Clause, which forced Germany to accept complete responsibility for initiating World War I.
For a company, net income is the residual amount of earnings after all expenses have been deducted from sales. In short, gross income is an intermediate earnings figure before all expenses are included, and net income is the final amount of profit or loss after all expenses are included. For example, a business has sales of $1,000,000, cost of goods sold of $600,000, and selling expenses of $250,000.
Unearned income would include interest, dividends and other items that are not compensation. Under current U.S. accounting standards, gross profit is the difference between net sales revenues and cost of goods sold over a given period of time. Net income is gross profit less all other business expenses incurred or paid during a particular period of time. Both gross profit and net income appear as separate line items on an income statement.