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Income Statement

Income Statement . Revenues - Expenses = Net Income Period of Time Accrual Accounting Matching of Revenues to Expenses Now for the rest of the Story Footnotes to Statements . Organization of Income Statement . Operations versus Disposition of profits

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Income Statement

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  1. Income Statement • Revenues - Expenses = Net Income • Period of Time • Accrual Accounting • Matching of Revenues to Expenses • Now for the rest of the Story • Footnotes to Statements

  2. Organization of Income Statement • Operations versus Disposition of profits • Operating Profit is paid out to: • Creditors (interest) • Government (taxes) • Shareholders (Dividends & Ret. Earnings)

  3. Income Statement 1998 1997 Sales 5,834,400 3,432,000 COGS 5,728,000 2,864,000 Other expenses 680,000 340,000 Deprec. 116,960 18,900 Tot. op. costs 6,524,960 3,222,900 EBIT (690,560) 209,100 Interest exp. 176,000 62,500 EBT (866,560) 146,600 Taxes (40%) (346,624) 58,640 Net income (519,936) 87,960

  4. Other Data 1998 1997 No. of shares 100,000 100,000 EPS ($5.199) $0.88 DPS $0.110 $0.22 Stock price $2.25 $8.50 Lease pmts $40,000 $40,000

  5. Statement of Retained Earnings (1998) Balance of retained earnings, 12/31/97 $203,768 Add: Net income, 1998 (519,936) Less: Dividends paid (11,000) Balance of retained earnings, 12/31/98 ($327,168)

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