Income Statement for Fiscal Year Ended December 31st
| Income Statement | 2018 | 2019 | 2020 |
|---|---|---|---|
| Sales | $22,000,000 | $24,000,000 | $25,000,000 |
| Less Cost of Goods Sold | $9,000,000 | $9,800,000 | $10,000,000 |
| Gross Profits | $13,000,000 | $14,200,000 | $15,000,000 |
| Less Operating Expenses | $6,000,000 | $6,800,000 | $7,000,000 |
| Operating Profits | $7,000,000 | $7,400,000 | $8,000,000 |
| Less Net Interest | $100,000 | $75,000 | $50,000 |
| Profit Before Taxes | $6,900,000 | $7,325,000 | $7,950,000 |
| Less Taxes (30%) | $2,070,000 | $2,197,500 | $2,385,000 |
| Profit After Taxes | $4,830,000 | $5,127,500 | $5,565,000 |
| Less Dividends | $1,000,000 | $1,100,000 | $1,000,000 |
| Retained Earnings | $3,830,000 | $4,027,500 | $4,565,000 |
