Canine Grooming Inc . Income Statement For the Month Ended January 31 , 100xXx REVENUE* Grooming Day Care Boarding Total REVENUE* Cost of Goods Sold* Gross Profit EXPENSES ? GOA Salaries Advertising* Cleaning Products Depreciation Rent Loan Utilities and Insurance Total EXPENSES Net Income /' Loss * Cost of Goods Sold = Cost of Services [OS ) There is no finished goods inventory to maintain