Sales Cost of sales Gross profit Expenses: Advertising and promotion Amortization Automobile Bad debts Donations Dues and fees Insurance Interest and bank charges Office Professional fees Property taxes Repairs and maintenance Rent expense Salaries and wages Travel Utilities Warranty Income before taxes Income taxes (Note 1) Net income Retained earnings, opening Dividends Retained earnings, closing Current year (Draft) $ 8,959,800 5,949,648 3,010,152 357,900 219,163 140,800 17,250 1,200 7,500 69,600 119,203 101,200 67,700 44,700 207,100 84,654 1,160,460 117,666 67,600 72 059 154,397 70,000 84,397 2,571,214 48,750 $ 2,606,861 Prior year (Audited) $ 8,834,000 6,129,709 2,704,291 266,500 166,584 102,600 19,110 1,000 57,200 46,600 108,700 34,800 40,900 155,100 1,175,600 103,900 60,200 69,482 296,015 76,754 219,261 2,360,953 9 000 $ 2,571,214 Note 1: Current-year income taxes represent income tax instalments remitted