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2024 3 INCOME STATEMENT 4 Net Sales 5 Cost of goods sold 6 Gross profit 7 Admin expenses 8 Marketing exp. 9 R&D 10 Depreciation 11 Total Operating Expenses 12 EBIT 13 Interest expense 14 Income before taxes 15 Income taxes 16 Net Income 17 2021 2022 2023 $1,000,000 $1,500,000 $2,000,000 $2,750,000 600,000 1,200,000 1,650,000 400,000 600,000 800,000 1,100,000 180,000 220,000 260,000 325,000 400,000 450,000 500,000 650,000 50,000 57,000 63,000 72,000 14,000 17,000 20,000 23,000 644,000 744,000 843,000 1,070,000 (244,000) (144,000) 30,000 31,520 26,400 22,000 28,000 (275,520) (170,400) (65,000) 2,000 0 0 0 0 ($275,520) ($170,400) ($65,000) $2,000