For period from to Sales Less cost of goods sold Opening inventory Purchases (direct materials) Factory wages Total Less closing inventory Equals cost of goods sold Gross profit (or income) Expenses Salary (owner) Wages Rent or mortgage interest Utilities (electricity, heat, etc.) Insurance Advertising and promotion Automobile Other travel Office expenses Storage Maintenance Depreciation Bad debts Interest Other expenses Total expenses Earnings (or loss) Before Taxes Income taxes Net Earnings (or loss) Gross profit (or income) is obtained by deducting the cost of goods sold from sales..
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