Northern Illinois Manufacturing Income Statement For the year ending December 31 Sales $5,536,077 Less: Cost of goods sold 3,132,777 Gross Profit 2,403,300 Operating expenses: Advertising $50,000 Insurance 400,000 Salaries and wages 584,640 Depreciation 71,319 Other op expenses 21,200 Total operating expenses 1,127,159 Income from operations 1,276,141 Other income Gain on sale of equip 18,000 Other expenses Interest expense (12,187) Net other income and expenses Income before income tax Income tax expenses Net income 5,813 1,281,954 384,586 $897,368