ABACA Trading

Income Statement
For the Year Ended December 31
2002
Sales
Less: Sales Return & Allowances
Sales Discount
Net Sales
Less- Cost of Goods Sold
Merchandise Inventory, Jan. 1
Purchases
Less: Purchase Return & Allowances
Purchase Discount
Cost of Goods Available for Sale
Less: Merchandise Inventory, Dec. 31
Cost of Goods Sold
Gross Profit
Other-Operating Income
Net Income
Interest Income
Total Income
Less-Operating Expenses
Selling Expenses
Sales Salaries and Commisions
Advertising
Sales Traveling Expenses
Sales Supplies Expenses
Sales Depreciation
Sales Miscellaneous Expenses
Total Selling Expenses
General Expenses
Office Salaries
Office Supplies Expense
Office Depreciation
Office Utilities Expenses
Loss on Doubtful Accounts
Total General Expenses
Other Operating Expenses
Interest Expenses
Bank Charges
Total Operating Expenses

Percent

Net Income
Tax 30%

1
2001

Percent