Income Statement

Revenues Gross sales: $22,328,390 Less: Customer returns (1,387,148) Dividends: $10,485 Bank Account Interest: $3,309 Interest on U.S. Treasury Bonds: $965 Interest on Kirkland Corp. Bonds $176 State of Nevada Bond Interest: $293 County of Santa Clara, CA Bond Interest $393

Cost of Goods Sold Inventory as of 1/1/21 of $3,387,495 Inventory purchased during 2021: $8,394,492 Inventory as of 12/31/21 of $3,309,409 Cost of Goods Sold $8,472,578

Expenses (Other than Cost of Goods Sold) Store rents: $1,940,498 Headquarters Rent: $50,000 Accounting Services: $12,500 Office Supplies: $ 9,389 Repairs and maintenance: $ 1,394 Depreciation: $ 10,800 Mortgage Interest Expense: $3,600 Entertainment: $ 6,550 Meals (at restaurants, by employees, while on business trips): $950 Charitable Contributions (Cash) $20,000 Wages (Ruoying): $1,398,888 Wages (Lan): $720,876 Wages (other employees): $1,748,948

Franchise / Royalty Fees: $160,0002 Federal Payroll Taxes: $270,810 Fines and Penalties $9,509 Sales Tax Expense: $1,884,711 Property Taxes: $19,450 Other Income/Expense Loss on sale of Debt Investments3 ($950) Gain on the Sale of Business Assets4 $4,500 Gain on the exchange of real property5 $300,000

NET INCOME ????

Calculate the net income?