Woods Corporation

Income Statement
For the year ended December 31, 2022

Sales Revenue 4,175,000.00

(-) Sales Discounts 34,000.00
(-) Sales Return & Allowances 79,000.00
Net Sales 4,062,000.00
Cost of Goods Sold
Inventory (beg.) 535,000.00
(+) Purchases 2,786,000.00
(+) Freight In 72,000.00
(-) Purchase Discounts 27,000.00
(-) Purchase Returns 15,000.00
Cost of Goods Available for Sale 3,351,000.00
(-) Ending Inventory 686,000.00
Cost of Goods Sold 2,665,000.00
Gross Profit 1,397,000.00
Selling Expenses
Selling Expenses 69,000.00
Advertising Expense 54,000.00
Delivery Expense 93,000.00
Depreciation Expense (Sales Equipment) 36,000.00
Salaries & Wages Expenses (Sales) 284,000.00
Sales Commissions 83,000.00
Telephone & Internet Expense (Sales) 17,000.00
Total Selling Expenses 636,000.00
Administrative Expenses
Accounting & Legal Services 33,000.00
Insurance Expense (Office) 24,000.00
Depreciation Expense (Office Equipment) 48,000.00
Salaries & Wages Expenses (Office) 346,000.00
Utilities Expense (Office) 32,000.00
Miscellaneous Office Expense 8,000.00
Total Administrative Expenses 491,000.00
Other Income & Expense
Rent Revenue 240,000.00
Income from Operations 510,000.00
Interest Expense 176,000.00
Income before Income Taxes 334,000.00
Income Tax (30%) 100,200.00
Income from Continuing Operations 233,800.00
Discontinued Operations
Loss on Sale of Division 60,000.00
(-) Applicable Income Tax 18,000.00
 Discontinued Operations (Net) 42,000.00
Net Income 191,800.00

Earnings per Share

Net Income 191,800.00
(:) Outstanding Shares 90,000 lembar
Earnings per Share 2.13 / lembar