Profit and Loss Statement
Revenue
Sales
500,000
Other Income
50,000
Expenses
Cost of Goods Sold
250,000
Operating Expenses
100,000
Interest Expense
20,000
Income Tax
50,000
Net Profit
Total Revenue
550,000
Total Expenses
420,000
Net Profit
130,000
Balance Sheet
| Assets | Liabilities | Equity |
|---|---|---|
| Cash | Accounts Payable | Common Stock |
| Accounts Receivable | Loans Payable | Retained Earnings |
| Inventory | Notes Payable |
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