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Brick & Stone
Income Statement for the year ended 31 December 2016
Notes $ $
Sales 2,500,000
Cost of Sales 1 1,100,000
Gross Profit 1,400,000
Expenses
Salaries & Wages 2 760,000
Employer NIS Contribution 2,400
Rent and Rates 3 240,000
Insurance 50,000
Maintenance 120,000
Depreciation 4 55,000
Loss on Disposal of Vehicle 5 10,000
Telephone 6 35,000
Electricity 7 54,000
Utilities 70,000
Entertainment 8 100,000
Donations 9 85,000
Provision for Bad Debts 10 80,000
Fines and Penalties 11 15,000
Drawings 105,000
1,781,400
Net Profit/ (Loss) (381,400)
Brick & Stone
Notes to the Income Statement
- The Cost of Sales includes goods valuing $250,000 that were purchased for Mr. Stones personal use.
- Salaries and Wages include $25,000 per month, and $20,000 per month, paid to Mr. Stone and Mr. Brick respectively.
$65,000 of the rent relates to the private dwelling
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