Perry's Carpentry Comparative Income Statement For the years ended December 31, 2016, 2015 Increase (+) Decrease (-) % 2016 2015 $'s Revenue Sales Sales Returns and Allowances Net Sales 152,500 2,900 149,600 133,400 2,040 131,360 Cost of Goods Sold Inventory January 1 Net Purchases Cost of Goods for Sale Inventory December 31 Cost of Goods Sold Gross Profit 24,000 104,300 128,300 23,100 105,200 44,400 20,300 86,240 106,540 18,000 88,540 42,820 Operating Expenses Advertising Wages and Salaries Auto expense Depreciation Telephone Utilities Insurance Interest & Bank Charges Total Operating Expenses 1,530 10,700 2,030 1,070 1,390 1,450 1,110 4,510 23,790 1,400 11,590 1,970 1,240 1,110 1,370 965 4,380 24,025 Net income 20,610 18,795