Sample Income Statement
| Smith Heating and Cooling, Inc. | |
| Income Statement | |
| January 1 to December 31, 2008 | |
| Sales: | $ 1,003,000 |
| Cost of Goods Sold: | $ 384,000 |
| Gross Profit: | $ 619,000 |
| Operating Expenses: | |
| Advertising | $ 66,000 |
| Amortization | $ 1,000 |
| Bad Debt Expense | $ 10,000 |
| Charitable Contributions | $ 1,000 |
| Depreciation | $ 26,000 |
| Dues and Subscriptions | $ 1,000 |
| Insurance | $ 77,000 |
| Office Supplies | $ 3,000 |
| Officer Salary | $ 54,000 |
| Payroll | $ 311,000 |
| Rent | $ 12,000 |
| Repairs and Maintenance | $ 4,000 |
| Supplies | $ 4,000 |
| Telephone | $ 9,000 |
| Travel and Entertainment | $ 6,000 |
| Utilities | $ 4,000 |
| Total Operating Expenses: | $ 589,000 |
| Operating Profit: | $ 30,000 |
| Other Income and Expenses: | |
| Interest Expense | $ (21,000) |
| Gain on Sale of Asset | $ 7,000 |
| Total Other Income and Expenses: | $ (14,000) |
| Pre-Tax Net Income | $ 16,000 |
| Less: Income Tax | $ 2,000 |
| Net Income | $ 14,000 |
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