Income Statement
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  • 1. Connecticut School of Hospitality Stowe Room Café Statement of Income For the Month Ending October 31, 20XXSales AMOUNT %Food sales 325,658.00 76.44%Beverage salesTotal Sales 426,023.00 100.00% To Calculate Beverage Sales: Total Sales - Food Sales 426023.00 - 325658.00 = 100365.00 To Calculate Beverage Sales %: Beverage Sales/ Total Sales 100365.00 / 426023.00 = .2355858(Round to two decimal places) 23.56%
  • 2. Stowe Room Café Statement of Income For the Month Ending October 31, 20XXSales AMOUNT %Food sales 325,658.00 76.44%Beverage sales 100,365.00 23.56%Total Sales 426,023.00 100.00% To Calculate Beverage Sales: Total Sales - Food Sales 426023.00 - 325658.00 = 100365.00 To Calculate Beverage Sales %: Beverage Sales/ Total Sales 100365.00 / 426023.00 = .2355858(Round to two decimal places) 23.56%
  • 3. Cost of Goods SoldCost of food sold 38.00%Cost of beverage sold 21,076.65Total Cost of Goods SoldCost of Food Sold is 38% of Food Sales325658.00 x .38 = 123750.04Cost of Beverage Sold / Beverage Sales gives %21076.65 / 100365.00 = .21 or 21%Total Cost of Goods Sold = Cost of Food Sold + Cost of Beverage Sold 123750.04 + 21076.65 = 144826.69
  • 4. Cost of Goods SoldCost of food sold 123,750.04 38.00%Cost of beverage sold 21,076.65 21.00%Total Cost of Goods Sold 144,826.69 34.00%Cost of Food Sold is 38% of Food Sales325658.00 x .38 = 123750.04Cost of Beverage Sold / Beverage Sales gives %21076.65 / 100365.00 = .21 or 21%Total Cost of Goods Sold = Cost of Food Sold + Cost of Beverage Sold 123750.04 + 21076.65 = 144826.69 Total Cost of Goods Sold / Total Sales = % 144826.69 / 426023.00 = .3399504 or 34%
  • 5. AMOUNT %SalesFood sales 325,658.00 76.44%Beverage sales 100,365.00 23.56%Total Sales 426,023.00 100.00%Cost of Goods SoldCost of food sold 123,750.04 38.00%Cost of beverage sold 21,076.65 21.00%Total Cost of Goods Sold 144,826.69 34.00%Gross Profit 281,196.31 66.00%Gross Profit = Total Sales - Total Cost of Goods SoldGross Profit : 426023.00 - 144826.69 = 281196.31Gross Profit % : Gross Profit / Total Sales281196.31 / 426023 = .6600495 or 66%
  • 6. OPERATING EXPENSESSalary & wages 125,500.00Employee benefits 31,375.00Direct operating expenses 6,800.00Marketing 15,000.00Administrative & general expenses 7,412.00Repairs & maintenance 2,850.00Utilities 12,200.00Total Operating ExpensesTo Calculate the % of each Operating Expense Divide the Operating Expense by the Total Sales Example: Salary & Wages 125500.00 / 426023.00 = .294585 or 29.46%Add all Operating Expenses to get Total Operating Expenses
  • 7. OPERATING EXPENSESSalary & wages 125,500.00 29.46%Employee benefits 31,375.00 7.36%Direct operating expenses 6,800.00 1.60%Marketing 15,000.00 3.52%Administrative & general expenses 7,412.00 1.74%Repairs & maintenance 2,850.00 0.67%Utilities 12,200.00 2.86%Total Operating Expenses 201,137.00 47.21%To Calculate the % of each Operating ExpenseDivide the Operating Expense by the Total SalesExample: Salary & Wages 125500.00 / 426023.00 = .294585 or 29.46%Add all Operating Expenses to get Total Operating Expenses
  • 8. Fixed ExpensesRent 32,500.00InterestDepreciation 10,500.00Total Fixed Expenses 54,000.00To Calculate Interest: Total Fixed Expenses - Rent - Depreciation 54000.00 - 32500.00 - 10500.00 = 11000.00To Calculate % : The Fixed Expense / Total SalesExample: 32500.00 / 426023.00 = .0762869 or 7.63%
  • 9. Fixed ExpensesRent 32,500.00 7.63%Interest 11,000.00 2.58%Depreciation 10,500.00 2.46%Total Fixed Expenses 54,000.00 12.68%To Calculate Interest: Total Fixed Expenses - Rent - Depreciation 54000.00 - 32500.00 - 10500.00 = 11000.00To Calculate % : The Fixed Expense / Total SalesExample: 32500.00 / 426023.00 = .0762869 or 7.63%
  • 10. Operating Income Before Taxes 26,059.31 6.12%Income Taxes (27%)To Calculate Income Tax: 27% of Income Before Taxes26059.31 x .27 = 7036.01To Calculate Income Tax %: Income Tax / Total Sales7036.01 / 426023.00 = .0165155 or 1.65%Net Income/Loss To Calculate Net Income or Loss:Total Sales - Total Cost of Goods Sold - Total Operating Expenses - Income T 426023.00 - 144826.69 - 201137.00 - 7036.01 = 19023.30 To Calculate Net Income or Loss % 19023.30 / 426023.00 = .0446532 or 4.47%
  • 11. Operating Income Before Taxes 26,059.31 6.12%Income Taxes (27%) 7,036.01 1.65%To Calculate Income Tax: 27% of Income Before Taxes26059.31 x .27 = 7036.01To Calculate Income Tax %: Income Tax / Total Sales7036.01 / 426023.00 = .0165155 or 1.65%Net Income/Loss 19,023.30 4.47% To Calculate Net Income or Loss:Total Sales - Total Cost of Goods Sold - Total Operating Expenses - Income T 426023.00 - 144826.69 - 201137.00 - 7036.01 = 19023.30 To Calculate Net Income or Loss % 19023.30 / 426023.00 = .0446532 or 4.47%