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

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    Jheilson S. Dingcong
    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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    Revenues Cost of Sales Gross Profit 1,050,000 Operating Expenses

    Uploaded by

    Jheilson S. Dingcong
    34 views4 pages
    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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    Seatwork 01_Dingcong

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    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.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    34 views4 pages

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

    Uploaded by

    Jheilson S. Dingcong
    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.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    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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