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Sheet1YOUTH COMAPANYINCOME STATEMENTFOR THE YEAR ENDED DEC. 31, 2010

SALES9,070,000SALES RETURNS & ALLOWANCES-200,000NET SALES8,870,0008,870,000INVENTORY BEGINNING1,500,000PURCHASES5,750,000TRANSPORTATION IN150,000TOTAL7,400,00PURCHASE DISCOUNTS-100,000GOODS AVAILABLE FOR SALE7,300,000INVENTORY ENDING-1,400,000COST OF SALES5,900,0005,900,000GROSS INCOME2,970,000EXPENSES:OFFICE SALARIES400,000OFFICE SUPPLIES60,000SALES SALARIES500,000STORE SUPPLIES80,000DEP'N STORE EQUIPMENT110,000UNINSURED FLOOD LOSS340,000DEP'N BUILDING120,000TOTAL EXPENSES-1,610,000INCOME BEFORE TAX1,360,000INCOME AFTER TAX-360,000

NET INCOME PROFIT1,000,000

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