46&47 - CreativeCrafts&Class IncomeStatement...

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Creative Crafts & Class Income Statement Year Ended December 31, 2010 Revenues: Sales Revenue  $15,000  Less Sales Returns  $(500) Total Revenues  $15,500  Expenses: Cost of Goods Sold: Beginning Inventory  $3,000  Purchases  $500  Freight In  $300  Storage  $100  Less Ending Inventory  $(1,000) Cost of Goods Sold  $4,900  Gross Profit  $11,600  General Expenses: Rent  $1,000  Utilities  $250  Total General Expenses  $1,250  Total Expenses  $6,150  Net Income  $14,250 
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Creative Craft Balance S
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