ACME Distribution, Inc. Income Statement For the Years Ended December 31, 2016 and 2015 Years Ended December 31 2015 2016 Revenue: Sales Less: Sales discounts 607,480 1,480 620 Sales returns and allowances Net sales Cost of goods sold Gross proft 461,200 Operating expenses Depreciation expense-Office equipment Depreciation expense--Warehouse equipment Bad debt expense Salaries expense Insurance expense Rent expense Advertising expense Utilities expense Total operating expense 1,200 2,500 640 48,000 18,060 24,000 15,900 13,000 20,880 Income from operations Other expense--Interest $ 20,880 Net income ACME Distribution, Inc. Income Statement For the Years Ended December 31, 2016 and 2015 Years Ended December 31 2015 2016 Revenue: Sales Less: Sales discounts 607,480 1,480 620 Sales returns and allowances Net sales Cost of goods sold Gross proft 461,200 Operating expenses Depreciation expense-Office equipment Depreciation expense--Warehouse equipment Bad debt expense Salaries expense Insurance expense Rent expense Advertising expense Utilities expense Total operating expense 1,200 2,500 640 48,000 18,060 24,000 15,900 13,000 20,880 Income from operations Other expense--Interest $ 20,880 Net income