Capital Budgeting Problems

Problem 5

Make an Income Statement for your business complete with numbers and account titles....remember, that project we were going to do before COVID-19?

Anyway...make sure you include the following:

• COGS
• Gross Sales
• Income tax based on a 21% rate
• Operating Expenses
• Net Profit or Net Loss

These figures

Health and Wellness Center

Schedule of Cost of Goods Sold

For the year ended December 31, 2021

Beginning Inventory 15,000

Purchased Materials (supplies) 3,000

Direct Labor 6,000

Ending Inventory 500

Total Cost of Goods Sold 23,500

Income Statement

Revenue 27,000

COGS 23,500

Gross Profit 4,000