Income Statement from 2018 to 2020 for Cotel Wireless
Year 2018 2019 2020
Sales $30,000 $45,000 $15,000
Less Cost of Goods Sold $15,000 $22,500 $7,500
Gross Profits $15,000 $22,500 $7,500
Less Operating Expenses $2,000 $2,000 $2,000
Operating Profits $13,000 $20,500 $5,500
Less Net Interest $500 $500 $500
Profit Before Taxes $12,500 $20,000 $5,000
Less Taxes (40%) $5,000 $8,000 $2,000
Profit After Taxes $7,500 $12,000 $3,000
Retained earnings $7,500 $12,000 $3,000
