Income Statements
| Income Statement For Fiscal Year Ended December 31 | |||
| 2020 | 2019 | 2018 | |
| Sales | $110,000,000.00 | $ 100,000,000.00 | $ 80,000,000.00 |
| Less Cost of Goods Sold | $50,000,000.00 | $ 40,000,000.00 | $ 30,000,000.00 |
| Gross Profits | $10,000,000.00 | $ 8,000,000.00 | $ 6,000,000.00 |
| Less Operating Expenses | $4,000,000.00 | $ 3,000,000.00 | $ 2,000,000.00 |
| Operating Profits | $4,000,000.00 | $ 3,000,000.00 | $ 3,000,000.00 |
| Less Net Interest | $60,000.00 | $ 50,000.00 | $ 40,000.00 |
| Profit Before Taxes | $69,940,000.00 | $67,950,000.00 | $56,960,000.00 |
| Less Taxes (at 40% Rate) | $27,976,000.00 | $27,180,000.00 | $22,784,000.00 |
| Profit After Taxes | $41,964,000.00 | $40,770,000.00 | $34,176,000.00 |
| Less Common Stock Dividends | $600,000.00 | $ 5,000,000.00 | $ 4,000,000.00 |
| Retained Earnings | $41,364,000.00 | $35,770,000.00 | $30,176,000.00 |
