allinclus

CURRENT OPERATING PERFORMANCE INCOME CONCEPT

ZIPPY COMPANY
Income Statement For The Year Ended December 31, 20X1

ZIPPY COMPANY
Retained Earnings Statement For the Year Ended December 31, 20X1

`Sales`	`$400,000`	`Retained Earnings, Beginning`	`$ 50,000`
`Cost of Sales`	`(240,000)`	`Add: Net Income`	`100,000`
`Gross Margin`	`160,000`		`160,000`
`Operating Expenses`	`( 50,000)`	`Less: Extraordinary Item`	`(100,000)`
`Net Income`	`$110,000` `=======`	`Retained Earnings, Ending`	`$60,000` `=======`