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Worksheet Name: Income Statement Revenue (Gross Sales) $ 1,923,180.00 Cost of Goods Sold: Merchandise Inventory: Jan 1st, 2019 134,250.00 Merchandise Purchases 450,000.00 Goods Available for Sale L. - 1 j[M] Merchandise Inventory: Dec 31st, 2019 5 83,000.00 Total Cost of Goods Sold [N] GROSS PROFIT Operating Expenses: Salaries and Wages 600,250.00 Advertising 55,700.00 Shipping and Transportation 22,800.00 Depreciation: Warehouse & Product Repairs |5 25,250.00 Total Selling and Shippping Expenses L. --- [P] Administration Expenses: Salaries and Wages 326,500.00 Supplies 22,250.00 Utilities 50,000.00 Depreciation: Office Equipment 13,300.00 Interest Expenses 23,500.00 Miscellaneous Expenses/Business Meetings 10,525.00 Total Administration Expenses [Q] TOTAL OPERATING EXPENSES [R] Operating Income (Income Before Taxes) [S] Income Taxes (Cumulative) 5 19,500.00 NET INCOME [FINAL] [T]