INCOME STATEMENT 2020 Net Sales Revenue $2,500,000 Less: Cost of Goods Sold $1,800,000 Gross Profits $700,000...

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INCOME STATEMENT 2020 Net Sales Revenue $2,500,000 Less: Cost of Goods Sold $1,800,000 Gross Profits $700,000 Less: Operating Expenses: Selling Expense $175,000 General/Admin. Exp. $178,000 Lease Expense $0 Depreciation Expense $75,000 Total Operating Expenses $428,000 EBIT (Operating Profits) $272,000 Less: Interest Expense $105,500 Net Profits Before Taxes $166,500 Less: Taxes (40%) $126,600 Net Profit After Taxes (Net Income) $39.900 INCOME STATEMENT 2020 Net Sales Revenue $2,500,000 Less: Cost of Goods Sold $1,800,000 Gross Profits $700,000 Less: Operating Expenses: Selling Expense $175,000 General/Admin. Exp. $178,000 Lease Expense $0 Depreciation Expense $75,000 Total Operating Expenses $428,000 EBIT (Operating Profits) $272,000 Less: Interest Expense $105,500 Net Profits Before Taxes $166,500 Less: Taxes (40%) $126,600 Net Profit After Taxes (Net Income) $39.900