James' Specialty Bike Shop Statement of Revenues and Expenses For the year ending on December 31, 2017 Revenues Motorcycle and Parts Sales $515,000 Expenses Purchase of inventory $225,000 Subcontractors-specialty painting 75,000 Local Advertising 2,500 Golf club dues (Note 5) 2,500 Business licences 1,500 Fines and penalties (Note 6) 2,700 Insurance (Note 7) 8,000 Office expenses 1,000 Home Office expenses, not including CCA (Note 8) 2,530 Business phone 2,000 Bank and interest charges (Note 9) 5,950 Salaries (Note 10) 75,000 CPP and El contributions (employer portion) 5,062 Depreciation 29,600 Loss on sale of equipment (note 4) 1,250 Property taxes on shop 3,100 Gas & maintenance (Note 11) 6 500 Total Expenses $449,192 Net Profit (Loss) for accounting purposes $65,808