Which of the following equations correctly describes how to calculate net income?
a. net income = (cost of goods sold) - (net sales) - (operating expenses)
b. net income = (operating expenses) - (cost of goods sold) - (net sales)
C. net income = (operating expenses) + (cost of goods sold) - (net sales)
d. net income = (net sales) - (cost of goods sold) - (operating expenses)