Quotealo

Income Statement
For the Year Ended December 31, 2015
Revenue from sales:
Sales

12,000

Less: Sales returns and allowances

240

Net sales
11,760
Cost of merchandise sold
2,400
Gross profit
9,360
Operating expenses:
Selling expenses:
Sales salaries expense

3,480

Advertising expense
Depreciation expense store equipment
Total selling expenses

750
450
4,680

Administrative expense:
Rent expense

2,000

Insurance expense

200

Office supplies expense

Total administrative expenses
Total operating expenses
7,030
Net income
2,330

150
2,350