Income Statement For the period January 1, 2020 to December 31, 2020 CALCULATE TAXABLE INCOME FOR AN 11205 1. This is an S Corporation & the Beginning Inventory is 39,200 and the ending Inventory is 422,551 2. For purposes of this task assume items in cost of sales are purchases only 3. You can add a line for calculation purposes if need be. 4. If there is an item that you are unsure due to it depending on circumstances please state your reasoning January 1, 2020 to December 31, 2020 TAX BALANCE -RECONCILIATION TO RETURN Revenues Sales Revenue Sales Tax Remitted Returns & Allowances Gain (Loss) on Exchange Other Income EIDL Loan Advance Grant Total Revenues Total Revenues 3,797,423.56 Sales Revenue -1,292.96 Sales Tax Remitted -83,074.39 Returns & Allowances 161.47 Gain (Loss) on Exchange 27,175.62 Other Income 2,000.00 EIDL Loan Advance Grant 3,742,393.30 GROSS PROFIT 3,742,393.30 0.00 Cost of Sales Purchases Cost of Service Total Cost of Sales 1,799,501.47 2,560.30 1,802,061.77 Gross Profit 1,940,331.53 COGS 0.00 Operating Expenses Bank & ATM Fee Expense Business Meals Expense Computer Equipment Expense Equipment Expense Facility & Utilities Expense Furniture & Fixtures Expense Gas & Auto Expense Independent Contractor Expense Personal Health Insurance Interest Expense License & Fee Expense Marketing & Advertising Expense Merchant Fees Expense Nondeductible Fines & Penalties Office Supply Expense Parking & Tolls Expense Payroll Expense - Administration Payroll Expense - Payroll Tax Payroll Expense - Salary & Wage Phone & Internet Expense Postage & Shipping Expense Professional Service Expense Publication/Subscription Expense Recruiting & HR Expense Rent or Lease Expense Software & Web Hosting Expense Training & Education Expense Travel & Transportation Expense Total Operating Expenses 2,648.50 Bank & ATM Fee Expense 175.01 Business Meals Expense 1,585.46 Computer Equipment Expense 706.92 Equipment Expense 1,854.09 Facility & Utilities Expense 6,982.63 Furniture & Fixtures Expense 100.00 Gas & Auto Expense 2,578.25 Independent Contractor Expense 709.17 Personal Health Insurance 8,731.27 Interest Expense 102.50 License & Fee Expense 5,682.57 Marketing & Advertising Expense 1,382,985.99 Merchant Fees Expense 360.41 Nondeductible Fines & Penalties 17,634.91 Office Supply Expense 22.00 Parking & Tolls Expense 528.57 Payroll Expense - Administration 5,338.95 Payroll Expense - Payroll Tax 47,480.00 Payroll Expense - Salary & Wage 2,827.26 Phone & Internet Expense 93,131.76 Postage & Shipping Expense 6,951.20 Professional Service Expense 119.49 Publication/Subscription Expense 70.00 Recruiting & HR Expense 13,981.68 Rent or Lease Expense 5,921.18 Software & Web Hosting Expense 286.00 Training & Education Expense 668.90 Travel & Transportation Expense 1,610,164.67 Total Operating Expenses 0.00 Total Expenses 3,412,226.44 TOTAL EXPENSES 0.00 Net Profit 330,166.86 Taxable income 0.00 Income Statement For the period January 1, 2020 to December 31, 2020 CALCULATE TAXABLE INCOME FOR AN 11205 1. This is an S Corporation & the Beginning Inventory is 39,200 and the ending Inventory is 422,551 2. For purposes of this task assume items in cost of sales are purchases only 3. You can add a line for calculation purposes if need be. 4. If there is an item that you are unsure due to it depending on circumstances please state your reasoning January 1, 2020 to December 31, 2020 TAX BALANCE -RECONCILIATION TO RETURN Revenues Sales Revenue Sales Tax Remitted Returns & Allowances Gain (Loss) on Exchange Other Income EIDL Loan Advance Grant Total Revenues Total Revenues 3,797,423.56 Sales Revenue -1,292.96 Sales Tax Remitted -83,074.39 Returns & Allowances 161.47 Gain (Loss) on Exchange 27,175.62 Other Income 2,000.00 EIDL Loan Advance Grant 3,742,393.30 GROSS PROFIT 3,742,393.30 0.00 Cost of Sales Purchases Cost of Service Total Cost of Sales 1,799,501.47 2,560.30 1,802,061.77 Gross Profit 1,940,331.53 COGS 0.00 Operating Expenses Bank & ATM Fee Expense Business Meals Expense Computer Equipment Expense Equipment Expense Facility & Utilities Expense Furniture & Fixtures Expense Gas & Auto Expense Independent Contractor Expense Personal Health Insurance Interest Expense License & Fee Expense Marketing & Advertising Expense Merchant Fees Expense Nondeductible Fines & Penalties Office Supply Expense Parking & Tolls Expense Payroll Expense - Administration Payroll Expense - Payroll Tax Payroll Expense - Salary & Wage Phone & Internet Expense Postage & Shipping Expense Professional Service Expense Publication/Subscription Expense Recruiting & HR Expense Rent or Lease Expense Software & Web Hosting Expense Training & Education Expense Travel & Transportation Expense Total Operating Expenses 2,648.50 Bank & ATM Fee Expense 175.01 Business Meals Expense 1,585.46 Computer Equipment Expense 706.92 Equipment Expense 1,854.09 Facility & Utilities Expense 6,982.63 Furniture & Fixtures Expense 100.00 Gas & Auto Expense 2,578.25 Independent Contractor Expense 709.17 Personal Health Insurance 8,731.27 Interest Expense 102.50 License & Fee Expense 5,682.57 Marketing & Advertising Expense 1,382,985.99 Merchant Fees Expense 360.41 Nondeductible Fines & Penalties 17,634.91 Office Supply Expense 22.00 Parking & Tolls Expense 528.57 Payroll Expense - Administration 5,338.95 Payroll Expense - Payroll Tax 47,480.00 Payroll Expense - Salary & Wage 2,827.26 Phone & Internet Expense 93,131.76 Postage & Shipping Expense 6,951.20 Professional Service Expense 119.49 Publication/Subscription Expense 70.00 Recruiting & HR Expense 13,981.68 Rent or Lease Expense 5,921.18 Software & Web Hosting Expense 286.00 Training & Education Expense 668.90 Travel & Transportation Expense 1,610,164.67 Total Operating Expenses 0.00 Total Expenses 3,412,226.44 TOTAL EXPENSES 0.00 Net Profit 330,166.86 Taxable income 0.00