By-The-Sea Biscuit Company Income Statement For the Year Ended Dec. 31 20XX Net Sales 5,262,433.88 COGS 760,716 Rent & Electricity 1,080,000.00 Salary Expense 80,000.00 Production Labor 210,000.00 Mandatory Employer Related Costs (12%) 25,200.00 Marketing & Travel Expense 19,000.00 Office Equipment 2,400.00 Interest Expense 7,500.00 Depreciation Expense (annual dep = 10%) 10,000.00 Before Tax Profit 3,798,333.88 Income Taxes 1,519,333.55 Net Income 1,840,570.72