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Income Statement

The income statement focuses on the revenue, expenses, gains, and losses of a company during a particular period. Also known as the profit and loss (P&L) statement or the statement of revenue and expense, an income statement provides valuable insights into a company’s operations, the efficiency of its management, underperforming sectors, and its performance relative to industry peers.

The income statement focuses on four key items: revenue, expenses, gains, and losses. It does not differentiate between cash and non-cash receipts (sales in cash vs. sales on credit) or cash vs. non-cash payments/disbursements (purchases in cash vs. purchases on credit). It starts with the details of sales and then works down to compute net income and eventually earnings per share (EPS). Essentially, it gives an account of how the net revenue realized by the company gets transformed into net earnings (profit or loss).

Income Statement
Income Statement 5 Year Summary
Period Ending 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21
Sales $- $585,000 $13,925,000 $31,025,000 $50,925,000
Cost of goods sold - 263,250 6,266,250 13,961,250 22,916,250
Gross Profit $- $321,750 $7,658,750 $17,063,750 $28,008,750
Selling Expenses:
Advertising - 7,500 41,000 65,000 76,000
Benefits - 3,000 12,000 12,000 12,000
Commission expense - 35,100 835,500 1,861,500 3,055,500
Depreciation - 3,999 16,000 16,000 16,000
Entertainment - 2,400 10,000 14,000 16,000
Insurance - property - 1,200 4,800 4,800 4,800
Payroll - 25,002 100,000 100,000 100,000
Payroll taxes - 5,001 20,000 20,000 20,000
Rent - 3,000 9,000 9,000 9,000
Samples - 15,000 60,000 60,000 60,000
Supplies - - - - -
Travel - 6,000 24,000 24,000 24,000
Total Selling Expenses $- $107,202 $1,132,300 $2,186,300 $3,393,300
Administrative Expenses:
Bank charges 240 240 400 2,000 3,000
Benefits 9,600 10,200 12,000 12,000 12,000
Depreciation 1,596 3,846 10,600 10,600 10,600
Dues & subscriptions - - 400 400 400
Entertainment - - - - -
Insurance - property 1,200 1,200 1,200 1,200 1,200
Office supplies 1,200 2,400 - - -
Payroll 84,996 92,997 117,000 117,000 117,000
Payroll taxes 17,004 18,603 23,400 23,400 23,400
Professional fees 1,000 - - - -
Rent 12,000 11,000 9,000 9,000 9,000
Research Samples 18,000 - - - -
Travel 7,200 15,000 6,000 6,000 6,000
Utilities - 2,000 6,400 7,200 7,600
Total General & Administrative Expenses $154,036 $157,486 $186,400 $188,800 $190,200
Total Operating Expenses $154,036 $264,688 $1,318,700 $2,375,100 $3,583,500
Total Operating Income (Loss) $(154,036) $57,062 $6,340,050 $14,688,650 $24,425,250
Other Expenses (Income):
Interest Expense 11,633 143,863 215,733 315,732 25,600
Interest (Income) (261) (7,941) (20,159) (38,964) (46,931)
Income Tax Expense - - 2,150,567 5,044,159 8,556,303
Total Other Expenses (Income) $11,372 $135,922 $2,346,141 $5,320,927 $8,534,972
Net Income (Loss) $(165,408) $(78,860) $3,993,909 $9,367,723 $15,890,278
Financial Statements
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