Income Statement For Fiscal Year Ended December 31
| Income Statement For Fiscal Year Ended December 31 | Amount |
|---|---|
| Sales | $48,000.00 |
| Less Cost of Goods Sold | $7,200.00 |
| Gross Profits | $40,800.00 |
| Less Operating Expenses | $9,600.00 |
| Operating Profits | $31,200.00 |
| Less Net Interest | $0.00 |
| Profit Before Taxes | $31,200.00 |
| Less Taxes (at 40% Rate) | $6,240.00 |
| Profit After Taxes | $24,960.00 |
| Less Common Stock Dividends | $5,000.00 |
| Retained Earnings | $19,960.00 |