Maya’s Place Income Statement
For the Fiscal Years Ended December 31
| 2018 | 2019 | 2020 | |
|---|---|---|---|
| Sales | $100,000.00 | $120,000.00 | $150,000.00 |
| Less Cost of Goods Sold | $30,000.00 | $35,000.00 | $40,000.00 |
| Gross Profits | $70,000.00 | $85,000.00 | $110,000.00 |
| Less Operating Expenses | $20,000.00 | $25,000.00 | $30,000.00 |
| Operating Profits | $50,000.00 | $60,000.00 | $80,000.00 |
| Less Net Interest | $2,000.00 | $2,500.00 | $3,000.00 |
| Profit Before Taxes | $48,000.00 | $57,500.00 | $77,000.00 |
| Less Taxes (at 30% Rate) | $14,400.00 | $17,250.00 | $23,100.00 |
| Profit After Taxes | $33,600.00 | $40,250.00 | $53,900.00 |
| Less Common Stock Dividends | $5,000.00 | $6,000.00 | $7,500.00 |
| Retained Earnings | $28,600.00 | $34,250.00 | $46,400.00 |
| Change in Retained Earnings | – | $5,650.00 | $12,150.00 |
