XYZ Inc. Income Statement For the Year Ended December 31, 2013 Gross Sales Returns and allowances Net Sales Cost of good sold Gross Prot Operating Expenses Depreciation expense Operating Income Interest expense Earnings Before Tax (EBT) Taxes NET INCOME * ' $3,210,000.00 ($48,000.00) $3,162,000.00 ($2,433,000.00) $729,000.00 ($417,000.00) ($78,000.00) $234,000.00 ($64,000.00) $170,000.00 ($51,000.00) $119,000.00