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Income Statement
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Quinn CampbellFYXX Q2
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Financial statements in U.S. dollars
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REVENUE
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Gross sales 500,654
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Less: sales returns and allowances
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Net sales$500,654
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COST OF GOODS SOLD
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Beginning inventory 123
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Add: Purchases 65
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Freight-in 2
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Direct labor 12
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Indirect expenses 5
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Inventory available 207
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Less: ending inventory 132
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Cost of goods sold$75
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Gross profit (loss)$500,579
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EXPENSES
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Advertising 332
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Amortization 211
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Bad debts 231
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Bank charges 423
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Charitable contributions 231
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Commissions 242
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Contract labor 560
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Depreciation 445
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Dues and subscriptions 546
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Employee benefit programs 468
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Insurance 464
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Interest 872
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Legal and professional fees 134
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Licenses and fees 546
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Miscellaneous 4,767
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Office expenses 125
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Payroll taxes 451
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Postage 654
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Rent 415
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Repairs and maintenance 4,564
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Supplies 54
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Telephone 654
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Travel 122
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Utilities 455
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Vehicle expenses 654
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Wages 455,551
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Total expenses$474,171
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Net operating income$26,408
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OTHER INCOME
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Gain (loss) on sale of assets 25,112
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Interest income 12,321
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Total other income 20,021 $37,433
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Net income (loss)$63,841
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