MYSTREY INCORPORATED
Income statement
For the year ended December 31
| Particulars | Amount in$ |
| Sales Revenue | 306,000 |
| Less : Sales return and Allowances | 7,650 |
| Net sales | 298,350 |
| Cost of goods sold | 175,000 |
| Gross profit | 123,350 |
| Operating expenses | |
| Administrative expenses | 20,000 |
| Selling expenses | 44,200 |
| Income from Operation | 59,150 |
| Incometax Expenses | 20,700 |
| Net Income | 38,450 |
Sales
Sale of merchandise on Cash=260.000
Add:
Sale of merchandise on credit=46.000
Total sales =306,000
