Income Statement

Enter your Company name here

Income Statement

2022 2023
1 Jan - 31Dec 1 Jan - 31 Dec
REVENUES
Smart Mirror Basic 3,588,000.00 4,485,000.00
Smart Mirror Premium 2,999,400.00 3,742,500.00
Collaboration Revenue 324,000.00 324,000.00
Course Subscription 396,000.00 590,920.00
TOTAL REVENUES 7,307,400.00 9,142,420.00

COST OF GOODS SOLD

Smart Mirror Basic 2,196,000.00 2,745,000.00
Smart Mirror Premium 1,536,000.00 1,920,000.00
Estimated Warranty Costs 335,880.00 373,200.00
TOTAL COST OF GOODS SOLD 4,067,880.00 5,038,200.00

GROSS PROFIT (LOSS) 3,239,520.00 4,104,220.00

OPERATING EXPENSES
Advertising and Promotion 105,000.00 86,000.00
Automobile/Transportation 14,200.00 1,200.00
Business Licenses and Permits 300.00 300.00
Computer and Internet 6,308.00 2,988.00
Depreciation 18,445.00 22,981.00
Product Liability Insurance 7,139.00 7,974.00
Meals and Employees' Benefits 24,960.00 99,840.00
Miscellaneous Expense 123.00 246.00
Management salaries - 312,000.00
Office Supplies 10,705.00 6,173.00
Original Equipments Manufacturing 54,900.00 54,900.00
Outlet Rental 14,400.00 14,400.00
Professional Services - Legal, Accounting 36,000.00 36,000.00
Research & Development 100,000.00 100,000.00
Salaries 96,000.00 96,000.00
Telephone 100.00 100.00
Travel - 7,200.00
Utilities 5,000.00 6,250.00
Delivey Fees 149,400.00 186,750.00
Printing and Reproduction 1,150.00 2610
App Development 20,000.00 -
App Maintenance 2,400.00 2,400.00
Website Development 50,000.00 -
Website Maintenance 12,000.00 12,000.00
Renovation expense/ remodeling expense 120,000.00 -
TOTAL OPERATING EXPENSES 848,530.00 1,058,312.00

OPERATING PROFIT (LOSS) 2,390,990.00 3,045,908.00

INTEREST EXPENSE & TAXES

Income Tax Expense 575,306.64 734,463.12
TOTAL INTEREST EXPENSE & TAXES 575,306.64 734,463.12

NET INCOME (LOSS) 1,815,683.36 2,311,444.88

24%
 TIP: Sheet 2 (Example)
Has a filled out example

TIP: Hover over column

titles for more
instructions
2024
1 Jan - 31Dec Notes on Preparation:
Note: You may want to print this information to use as
7,848,750.00 reference later. To delete these instructions, click the
6,549,370.00 border of this text box and then press the DELETE key.
324,000.00
Note: Understanding a company's profitability is vital to
817,190.00 ensuring it will deliver necessary profits and ultimately
15,539,310.00 ensuring its success. In addition to reporting a company's
profitability for a past period of time, comparing its
profitability to a prior period of time is equally important.
4,803,750.00 The owner/manager can gain a view of whether the
company's sales and profits have increased over time. This
3,360,000.00
can be an important tool in making informed business
653,100.00 decisions to ensure required profitability and ultimately
8,816,850.00 cash flow.

6,722,460.00 Note: Enter data into cells beneath column headers and to
the right of rows headers that contain comments (red
triangle in upper right corner of cell). Explanations of what
type of data should be entered into each row are outlined
102,000.00 in the row header's comments.
1,200.00
Steps for Preparation:
300.00 Step 1: Enter your Company Name and the Date all figures
2,988.00 are reported as of in the report header.
28,447.00
13,954.00 Step 2: Enter the ‘Start Date to End Date’ as MM/DD/YYYY
in the Current Period and Prior Period column headers.
199,680.00
Please note that for the best comparison to the Current
369.00 Period, the Prior Period time frame should cover the same
312,000.00 number of days as the Current Period. Typically, the prior
period is the same timeframe but for the previous year.
 number of days as the Current Period. Typically, the prior
22,801.00 period is the same timeframe but for the previous year.
However, you can use whatever timeframe you would like
54,900.00
to compare the Current Period to, such as the previous
28,800.00 quarter or month.
36,000.00
100,000.00 Step 3: Enter the amounts in each cell of the Current and
Prior Period columns that represents your company's
408,000.00
operations.
100.00
23,040.00 Note: Amounts in the Increase (Decrease) column will
7,820.00 automatically populate with values based on the imbedded
386,800.00 formulas. Please note negative numbers represent a
decrease in the Current Period compared to the Prior
1,530.00 Period. Amounts in the rows that do not have comments in
- the row header will also automatically populate with values
2,400.00 based on the imbedded formulas.
-
Step 4: If additional rows are required to best reflect your
12,000.00 company, click on a Column A cell below the row you would
- like to add and right click your mouse, click Insert, select
1,745,129.00 Entire Row and click OK (repeat as many times as necessary
in order to add multiple rows). Then copy any existing row
into the newly inserted rows by selecting an entire
4,977,331.00
previously existing single row (click on the row number to
the left of Column A), click the right mouse button and
select Copy and then highlight the Row numbers for the
1,199,961.60 rows just added, then right click the mouse again and select
Paste (be sure the mouse pointer is located on the
1,199,961.60
highlighted range). Repeat as necessary.

3,777,369.40