The Stair Company Comparative Income Statement For Years Ended December 31, 2022 and 2021 Amounts Percent of net sales Increase or (Decrease) Amount Percent Account name 2022 2021 2022 2021 Revenue Sales $ 1,110,240 % % % % Less Sales Returns and Allowances $ 924,300 24,300 $ 900,000 30.240 % % Net Sales $ 1,080,000 0.0 % 0.0 % $ 0 % Cost of Goods Sold $ 108,000 % % % Merchandise Inventory, January 1 Net Purchases 351.540 % % % $ 0 $ 105,300 295,200 $ 400,500 108,000 $ 292,500 Total Merchandise Available for Sale Less Merchandise Inventory, December 31 Cost of Goods Sold % 459,540 113,400 346, 140 0.0 % % 0.0 % $ % $ % % % $ 733,860 $ 607,500 0.0 % 0.0 % $ 0 $ 105,840 % % $ 98, 100 9,900 % % 10,800 % Gross Profit on Sales Operating Expenses Selling Expenses Sales Salaries Expense Payroll Tax Expense-Selling Other Selling Expenses Total Selling Expenses General and Administrative Expenses Officers' Salaries Expense Payroll Tax Expense-Administrative 32,400 18,200 % % $ 149,040 $ 126,200 0.0 % 0.0 % $ 0 $ % 172,800 16,200 $ 138,600 11,700 % % % % 5,400 % % 16,200 5,400 11,700 $ 167,400 % % % $ 210,600 0.0 % 0.0 % $ 0 % Depreciation Expense Other General and Administrative Expenses Total General and Administrative Expenses Total Operating Expenses Net Income before Income Taxes Income Tax Expense $ % % $ % % 359,640 $ 293,600 374,220 $ 313,900 112,266 94,170 261,954 $ 219,730 % Net Income after Income Taxes % 0.0 % $ 0.0 % $ 0