Profit and Loss Statement 2019 2020 Sales 540,000 850,000 Cost of goods sold 140,000 280,000 Gross profit 400,000 570,000 Other operating income 20,000 Operating expenses Salaries and wages 45,000 70,000 Depreciation expense 1,000 2,000 Advertisement 30,000 Commission expense 40,500 15,000 Payroll taxes 3,000 10,000 Other operating expenses 25,000 114,500 25,000 152,000 Total operating income 285,500 438,000 Non-operating income Revenue from interest 15,000 50,000 Interest expense 2,500 12,500 15,000 35,000 Net income 298,000 473,000