IB
LUNDHOLM COMPANY
Income Statement
Month Ended July 31
Revenue		5,700.00
Operating expenses:
Cost of goods sold	2,700.00
Salaries and wages	1,050.00
Rent	300.00
Depreciation	225.00
Total operating expenses		4,275.00
Operating income		1,425.00
Interest expense		24.00
Income before taxes		1,401.00
Income taxes		561.00
Net income		840.00