Format of Profit and Loss Statement
For the Year Ended December 31, 2024
Revenue
Sales Revenue
$500,000
Service Revenue
$150,000
Total Revenue
$650,000
Cost of Goods Sold (COGS)
Material Costs
($180,000)
Direct Labor
($90,000)
Gross Profit
$380,000
Operating Expenses
Salaries and Wages
($120,000)
Rent Expense
($60,000)
Marketing and Advertising
($45,000)
Utilities Expense
($15,000)
Operating Income
$140,000
Non-Operating Items
Interest Expense
($10,000)
Taxes
($32,500)
Net Income
$97,500