AVS Cupcakery

Income Statement
December 31, 2015
Sales
Less: Cost of Goods Sold
1,204,500
Gross profit
Less: Operating Expenses
Rent Expense
Salaries and Wages
Water
Electricity
Depreciation Expense
495,250
Net income before tax
Less: Income tax
Net income

2,007,500

803,000
180,000
200,750
18,000
78,000
18,500
307,750
67,325
240,425