| CUSTOMER CHOICE WHOLESALE COMPANY | ||
| Income Statement | ||
| For the Year Ended December 31, 2014 | ||
| Sales revenues | ||
| Sales Revenues | 1475360 | |
| Less: Sales Discount | 9600 | |
| Net Sales | 1465760 | |
| Cost of Goods Sold | 1135840 | |
| Gross profit | 329920 | |
| Operating expenses | ||
| Salaries and Wages Expense | 82080 | |
| Depreciation Expense(12800+11200) | 24000 | |
| Utilities Expense | 18240 | |
| Maintenance and Repairs Expense | 14240 | |
| Advertising Expense | 8320 | |
| Insurance Expense | 7680 | |
| Total Operatiing Expense | 154560 | |
| Income from Operating | 175360 | |
| Other Expenses and Losses | ||
| Interest Expense | 7200 | |
| Income before Income Taxes | 168160 | |
| Income Tax Expense | 38400 | |
| Net Income | 129760 | |
| CUSTOMER CHOICE WHOLESALE COMPANY | |
| Retained Earnings Statement | |
| For the Year Ended December 31, 2014 | |
| Retained Earnings, January 1st, 2014 | 107520 |
| Add: Net Income | 129760 |
| 237280 | |
| Less: Divedends | 16000 |
| Retained Earnings, December 31, 2014 | 221280 |
