Weekly Writing Assignment

ABCIncomeStatement.xlsx

Sheet1

ABC Company
Statements of Income
For the year ended December 31,	2017	2016
Net Sales (less returns & allowances)	$ 930,560	$ 875,693	6%
Cost of Goods Sold	623,543	585,625	6%
Gross Margin	307,017	290,068	6%
Operating Expenses:
Advertising	1,843	1,972	-7%
Bad Debt Expense	17,683	13,923	27%
Depreciation and Amortization	14,095	12,870	10%
Dues & Subscriptions	364	375	-3%
Insurance	2,800	2,600	8%
Licenses & Fees	300	285	5%
Marketing & Promotion	10,925	11,452	-5%
Meals and Entertainment	4,512	3,985	13%
Office Expenses	1,611	1,543	4%
Office Supplies	2,000	2,035	-2%
Salaries & Wages	45,800	42,700	7%
Professional Fees	3,700	3,500	6%
Property Taxes	1,920	1,900	1%
Rent	42,500	41,800	2%
Repairs & Maintenance	700	680	3%
Shipping Delivery	450	570	-21%
Travel Expenses	41,862	35,587	18%
Utilities	7,300	6,950	5%
Leased Equipment	4,400	4,750	-7%
Other	665	654	2%
Total Operating Expenses	205,430	190,131	8%
Operating Income	101,587	99,937	2%
Interest Expense	2,658	2,432	9%
Other Income (interest, royalties)	5,620	5,725	-2%
Income Before Taxes	104,549	103,230	1%
Income Taxes	20,910	20,646	1%
Net Income	$ 83,639	$ 82,584	1%