ACME Distribution, Inc. Income Statement For the Years Ended December 31, 2016 and 2015 Years Ended December 31 2015 2016 Revenue: 607,480 1,480 620 605,380 461,200 144,180 Sales Less: Sales discounts Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses: Depreciation expense--Office equipment Depreciation expense-Warehouse equipment Bad debt expense Salaries expense Insurance expense Rent expense Advertising expense Utilities expense 1,200 2,500 640 48,000 18,060 24,000 15,900 13,000 123,300 Total operating expense Income from operations Other expense-lnterest 20,880 Net income 20,880 ACME Distribution, Inc. Income Statement For the Years Ended December 31, 2016 and 2015 Years Ended December 31 2015 2016 Revenue: 607,480 1,480 620 605,380 461,200 144,180 Sales Less: Sales discounts Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses: Depreciation expense--Office equipment Depreciation expense-Warehouse equipment Bad debt expense Salaries expense Insurance expense Rent expense Advertising expense Utilities expense 1,200 2,500 640 48,000 18,060 24,000 15,900 13,000 123,300 Total operating expense Income from operations Other expense-lnterest 20,880 Net income 20,880