INCOME

1. Sales revenues

2. Cost of goods sold (c - d)

a. Beginning inventory (1/01)

b. Purchases

c. Cost of goods avail. sale (a + b)

d. Less ending inventory (12/31)

3. Gross profit on sales (1 - 2)

EXPENSES

1. Variable (selling) (a through h)

a.

b.

c.

d.

e.

f.

g. Misc. variable (selling) expense

h. Depreciation (product/service assets)

2. Fixed (administrative) (a through h)

a.

b.

c.

d.

e.

f.

g. Misc. fixed (administrative) expense

h. Depreciation (office equipment)

Total operating expenses (1 + 2)

Net income from operations (GP - Exp)

Other income (interest income)

Other expense (interest expense)

Net profit (loss) before taxes

Taxes

a. Central government

b. State

c. Local

NET PROFIT (LOSS) AFTER TAXES