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Revenues Cost of Sales Gross Profit 1,050,000 Operating Expenses

The documents show income statements for a company for the years 2017 through 2020. Revenues increased each year from $3.5 million in 2017 to $4.658 million in 2020. Cost of sales and total expenses also increased each year, but gross profit and net income increased as revenues grew. Net income was highest in 2020 at $675,789.

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Jheilson S. Dingcong
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87 views4 pages

Revenues Cost of Sales Gross Profit 1,050,000 Operating Expenses

The documents show income statements for a company for the years 2017 through 2020. Revenues increased each year from $3.5 million in 2017 to $4.658 million in 2020. Cost of sales and total expenses also increased each year, but gross profit and net income increased as revenues grew. Net income was highest in 2020 at $675,789.

Uploaded by

Jheilson S. Dingcong
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Income Statement

For the Year Ended December 31, 2017


Revenues
Sales 3,500,000
Cost of Sales 2,450,000
Gross Profit 1,050,000

Operating Expenses
Rent Expense 144,000
Utilities Expense 189,000
Transportation Expense 24,000
Other Expense 9,450
Total Expenses 366,450

Net Income before tax 683,550


Income tax (30%) 205,065
Net Income after tax 478,485
Income Statement
For the Year Ended December 31, 2018
Revenues
Sales 3,850,000
Cost of Sales 2,695,000
Gross Profit 1,155,000

Operating Expenses
Rent Expense 144,000
Utilities Expense 207,900
Transportation Expense 24,000
Other Expense 10,395
Total Expenses 386,295

Net Income before tax 768,705


Income tax (30%) 230,612
Net Income after tax 538,093
Income Statement
For the Year Ended December 31, 2019
Revenues
Sales 4,235,000
Cost of Sales 2,964,500
Gross Profit 1,270,500

Operating Expenses
Rent Expense 144,000
Utilities Expense 228,690
Transportation Expense 24,000
Other Expense 11,435
Total Expenses 408,125

Net Income before tax 862,375


Income tax (30%) 258,713
Net Income after tax 603,662
Income Statement
For the Year Ended December 31, 2020
Revenues
Sales 4,658,500
Cost of Sales 3,260,950
Gross Profit 1,397,550

Operating Expenses
Rent Expense 144,000
Utilities Expense 251,559
Transportation Expense 24,000
Other Expense 12,578
Total Expenses 432,137

Net Income before tax 965,413


Income tax (30%) 289,624
Net Income after tax 675,789

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