Gaylord Flemming projected the income statement for year one of their business. Total sales were projected to be $335,144 for the year with gross profits of $94,511. Operating expenses were projected to be $88,323 for the year including salary and wages of $24,000 and officer's compensation of $30,000. The net profit was projected to be $6,187 or 1.8% of total sales for the year.

1. 09/09/15 GAYLORD FLEMMING
PROJECTED INCOME STATEMENT
YEAR ONE
MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH
ONE TWO THREE FOUR FIVE SIX SEVEN EIGHT NINE TEN ELEVEN TWELVE TOTAL PERCENT
May August November February
TOTAL SALES $28,475 $29,815 $30,485 $29,145 $29,256 $30,552 $28,106 $27,805 $23,785 $23,450 $26,465 $27,805 $335,144 100.0%
COST OF GOODS $20,445 $21,407 $21,888 $20,926 $21,006 $21,936 $20,180 $19,964 $17,078 $16,837 $19,002 $19,964 $240,633 71.8%
GROSS PROFIT $8,030 $8,408 $8,597 $8,219 $8,250 $8,616 $7,926 $7,841 $6,707 $6,613 $7,463 $7,841 $94,511 28.2%
OPERATING EXPENSES
Salary and Wages $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $24,000 7.2%
Officer's Compensation $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $30,000 9.0%
Employment Taxes $765 $765 $765 $765 $765 $765 $765 $765 $765 $765 $765 $765 $9,180 2.7%
Fringe Benefits $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 0.0%
Rent $247 $247 $247 $247 $247 $247 $247 $247 $247 $247 $247 $247 $2,964 0.9%
Telephone $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $1,200 0.4%
Electricity $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $600 0.2%
Gas $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 0.0%
Water and Sewage $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $120 0.0%
Office Supplies $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $300 0.1%
Shop Supplies $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $1,200 0.4%
Advertising and Promotion $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 1.8%
Maintainence and Repair $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 0.0%
Legal and Accounting $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $300 0.1%
Insurance $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800 0.5%
Vehicle Expense $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $1,200 0.4%
Misc. $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $600 0.2%
Interest $271 $267 $263 $259 $255 $251 $248 $244 $240 $236 $232 $228 $2,992 0.9%
Depreciation $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $4,200 1.3%
Amortization $139 $139 $139 $139 $139 $139 $139 $139 $139 $139 $139 $139 $1,667 0.5%
TOTAL $7,382 $7,378 $7,374 $7,370 $7,366 $7,362 $7,358 $7,354 $7,350 $7,346 $7,342 $7,338 $88,323 26.4%
NET PROFIT $648 $1,030 $1,223 $849 $884 $1,253 $567 $487 ($643) ($734) $121 $503 $6,187 1.8%