Home Restoration Outlet Ltd.
Income Statement
For Year ending December 31, 2005
Sales revenue 2,409.00
Cost of goods sold
Inventory, December 2004 425.00
Purchases 1,304.00
Inventory, December 2005 (310.00)
Total COGS 1,419.00
Gross profit 990.00
Operating expenses
Selling expenses 482.00
General and Admin 215.00
Depreciation 23.00 720.00
Operating income 270.00
Other expenses, interest 20.00
Income before income tax 250.00
Income tax expense (50%) 125.00
Net income $ 125.00
Income Statement
For Year ending December 31, 2005
Sales revenue 2,409.00
Cost of goods sold
Inventory, December 2004 425.00
Purchases 1,304.00
Inventory, December 2005 (310.00)
Total COGS 1,419.00
Gross profit 990.00
Operating expenses
Selling expenses 482.00
General and Admin 215.00
Depreciation 23.00 720.00
Operating income 270.00
Other expenses, interest 20.00
Income before income tax 250.00
Income tax expense (50%) 125.00
Net income $ 125.00
