WOODS CORPORATION

INCOME STATEMENT
For The Year Ended December 31, 2015

Sales
Sales Revenue $ 4,175,000
Less : Sales Discount $ (34,000)
Sales Return and Allowance $ (79,000) $ (113,000)
Net Sales $ 4,062,000
Cost of Goods Sold
Inventory (Beginning) $ 535,000
Purchase $ 2,786,000
Less : Purchase Return $ (15,000)
Purchase Discount $ (27,000)
Ending Inventory $ 686,000
Freight In $ 72,000
Cost of Goods Sold $ 2,665,000
Gross Profit $ 1,397,000
Selling Expense
Selling Expense $ 69,000
Advertising Expense $ 54,000
Delivery Expense $ 93,000
Depreciation Expense (sales Equipment) $ 36,000
Salaries and Wages Expense (Sales) $ 284,000
Sales Commission $ 83,000
Telephone and Internet Expense (Sales) $ 17,000 $ 636,000
Administrative Expense
Accounting and Legal Service $ 33,000
Insurance Expense (Office) $ 24,000
Depreciation Expense (Office Equpment) $ 48,000
Salaries and Wages Expense (Office) $ 346,000
Utilities Expense $ 32,000
Miscellaneous Office Expense $ 8,000 $ 491,000
Total Operating Expense $ 1,127,000
Other Income and Expense
Rent Revenue $ 240,000
Loss on Sale of Division $ (60,000) $ 180,000
Income From Operations $ 450,000
Interest Expense $ (176,000)
Income Before Income Tax $ 274,000
Income Tax $ (82,200)
Net Income for The Year $ 191,800

Attribtable to :
Shareholders of Woods (900.000/10) $ 90,000
Earnings per Share $ 2.13