A-4 XYZ Company, Inc. Income Statement

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A-4 XYZ Company, Inc. Income Statement

657 Accounting

XYZ Company, Inc. Income Statement for the year ended December 31, 2003

Income

Sales	$ 2,102,358

Cost of Sales
Beginning Inventory	$ 331,764
Purchases	1,469,825
Other Costs	136,003
Goods Available for Sale	$1,937,592
Less: Ending Inventory	(501,575)
Cost of Sales	$1,436,017

Gross Profit	$ 666,341

Operating Expenses
Advertising	$ 4,341
Auto & Truck	8,264
Bad Debts	807
Bank Charges	110
Casual Labor	3,586
Commissions	41,298
Contributions	1,194
Depreciation	16,658
Dues & Subscriptions	1,925
Entertainment	10,181
Equipment Rent	6,601
Fuel	13,133
Insurance	50,788
Janitorial Service	4,299
Leasing	11,688
Legal & Accounting	1,911
Miscellaneous	41,124
Office Supplies	12,711
Rent	19,246
Repairs & Maintenance	4,533
Salaries	238,674
Shop Supplies	10,097
Taxes - General	3,643
Taxes - Payroll	19,269
Telephone	14,119
Travel	8,981
Utilities	8,165
Total Operating Expenses	$ 557,356

Net Operating Income	$ 108,985

Other Income (Expense)
Discounts Earned	$ 2,915
Discounts Allowed	(3,385)
Interest Expense	(43,759)
Total Other Income (Expense)	$ 44,529

Net Income	$ 64,456