Income Statement For the Year Ended, Dec.

31, 2013

Sales 731,000.00
Less: Sales Return and Allowances 18,030.00
Sales Discounts 10,400.00 28,430.00
Total Sales 702,570.00
DIRECT EXPENSES:
Merchandise Inventory, Jan. 1, 2013 69,350.00
Purchases 364,000.00
Less: Purchase Return and Allow 3,400.00
Purchase Discounts 1,990.00 358,610.00
Total Goods Available for Sale 427,960.00
Less: Merchandise Inventory, Dec. 31, 2013 65,520.00 362,440.00
Cost of Good Sold 1,065,010.00
Less: General Expense 116,700.00
Interest Expense 5,400.00
Selling Expenses 132,900.00
Supplies 5,100.00 260,100.00
Net Income before Tax 804,910.00
ded, Dec. 31, 2013