Income Statement Example

Below is an example of a simplified Income Statement for a hypothetical company, “XYZ Corp,” for the year ended December 31, 2022.

XYZ Corp.
Income Statement
For the Year Ended December 31, 2022

Description	Amount (in USD)
Revenues
Sales	1,500,000

Cost of Goods Sold	(900,000)

Gross Profit	600,000

Operating Expenses
Salaries and Wages	(200,000)
Rent	(50,000)
Utilities	(20,000)
Depreciation	(30,000)
Marketing and Advertising	(40,000)

Total Operating Expenses	(340,000)

Operating Income	260,000

Other Income/Expenses
Interest Income	5,000
Interest Expense	(10,000)

Net Other Income/Expenses	(5,000)

Net Income Before Taxes	255,000

Income Tax Expense	(76,500)

Net Income	178,500

This is a simplified example and does not cover all the possible items that could be included in an income statement. The actual income statement for a business could be much more complex and include other line items like minority interest, earnings from joint ventures, etc.

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