Ma and Pa's Year 3
Income Statements Year 1 Year 2 Year 3 % Sales Monthly Weekly 4-week 5-week
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Sales 269,000 410,000 447,000 100.00%
Cost Of Goods Sold:
Beginning Inventory 0 8,100 11,300
Purchases 147,950 233,700 250,300 56.00%
Less: Ending Inventory 12,000 20,000 21,000
Cost Of Sales 135,950 221,800 240,600 53.83%
Gross Profit 133,050 188,200 206,400 46.17%
Operating Expenses
Salaries 20,800 41,600 41,600 9.31% 3,467 800 3,200 4,000
Fringe Benefits 4,160 8,320 8,320 1.86% 693 160 640 800
Social Security and Medicare 1,591 3,182 3,182 0.71% 265 61 244 305
Unemployment Taxes 245 490 490 0.11% 41 9 36 45
Workmens Compensation 1,000 1,500 1,500 0.34% 125 29 116 145
Rent-Building 12,000 24,000 24,000 5.37% 2,000 462 1,848 2,310
Utilities 6,000 8,500 9,000 2.01% 750 173 692 865
Repairs and Maintenance 2,500 5,000 6,000 1.34% 500 115 460 575
Insurance 4,800 7,000 7,500 1.68% 625 144 576 720
Car and Truck Expenses 2,500 3,500 4,500 1.01% 375 87 348 435
Entertainment 3,000 4,500 6,000 1.34% 500 115 460 575
Telephone 3,600 4,800 5,500 1.23% 458 106 424 530
Postage 480 720 1,000 0.22% 83 19 76 95
Office Supplies 600 1,000 1,100 0.25% 92 21 84 105
Advertising 6,000 12,000 12,000 2.68% 1,000 231 924 1,155
Professional Fees 3,000 5,000 6,000 1.34% 500 115 460 575
Training and Seminars 1,500 3,000 3,500 0.78% 292 67 268 335
Bank Charges 120 120 120 0.03% 10 2 8 10
Credit Card Fees 600 1,000 1,500 0.34% 125 29 116 145
Refinishing Supplies 4,000 6,000 7,000 1.57% 583 135 540 675
Shipping and Packing Supplies 5,000 7,500 8,000 1.79% 667 154 616 770
Business Taxes 1,500 2,500 3,000 0.67% 250 58 232 290
Interest 1,000 500 0.00% 0 0 0 0
Depreciation 2,000 2,000 2,000 0.45% 167 38 152 190
0 0
 Total Operating Expenses 87,996 153,732 162,812 36.42% 13,568 3,131 12,524 15,655
0 0
Profit / Loss 45,054 34,468 43,588 9.75% 3,632 838 3,352 4,190
Inventory Turnover 11.32917 11.09 11.45714
Number Of Months 1.06 1.08 1.05
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