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XYZ Income Statement for Period xx,xx,xxxx thru xx,xx,xxxx
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Gross Sales
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708,000
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Less: Sales Discounts
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3,850
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Less: Sales Returns
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4,150
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Net Sales
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700,000
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Cost Of Goods Sold
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385,940
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Gross Profit
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314,060
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Salaries & Wages Expenses
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240,400
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Utilities Expenses
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21,200
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Advertising
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25,600
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Total Operating Expenses
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287,200
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Operating Income
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26,860
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Interest Expense
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13,200
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Income Before Taxes
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13,660
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Income Tax Expense
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1,366
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Net Income
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12,294
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Gross Profit Ratio= 314,060 / 700,000
Gross Profit Ratio= 44.9 %
Profit Margin= Net Income / Net Sales
Profit Margin= 12,294 / 700,000
Profit Margin= 1.8 %
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