Hairsential
Income Statement
For the Year Ended Dec. 31, 2020
2020 2019 2018
Sales $125,000.00 $110,000.00 $93,000.00
Cost of Goods Sold $42,000.00 $37,500.00 $35,500.00
Gross Profit $83,000.00 $72,500.00 $57,500.00
Selling and G&A Expenses $7,000.00 $6,600.00 $6,300.00
Fixed Expenses $1,550.00 $1,480.00 $1,470.00
Depreciation Expenses $680.00 $600.00 $540.00
EBIT $73,770.00 $63,820.00 $49,190.00
Interest Expense $3,200.00 $3,050.00 $2,100.00
Earnings Before Taxes $70,570.00 $60,770.00 $47,090.00
Taxes $24,699.50 $21,269.50 $16,481.50
Net Income $45,870.50 $39,500.50 $30,608.50
Less Common Stock Dividends $12,000.00 $11,500.00 $11,300.00
Retained Earnings $33,870.50 $28,000.50 $19,308.50
Note:
Tax Rate 35%
