Income Statement

For the Year Ended December 31, 2019

Sales
Merchandise Sale 223,334
Cost of Goods Sold 100,000
Gross Profit 123,334

Expenses:
Salaries Expense 4,000
Utilities Expense 5,040
Insurance Expense 450
Rent Expense 1,500
Bad debts Expense 8,000
Total Expenses 18,990
Net Income 104,344