Dominic Retail Enterprise Income Statements For the period ended December 31 Sales Cost of Goods Sold Merchandise Inventory, Beginning Purchases Total Goods Available for Sale Merchandise Inventory, Ending Cost of Goods Sold Gross Profit Operating Expenses Earnings Before Interest and Taxes Interest Expense Earnings Before Tax Income Tax Expense Net Income 2014 P 1,800,000 80,000 800,000 880,000 (55,000) 825,000 975,000 (650,000) 325,000 (5,000) 320,000 (96,000) ℗ 224,000 2013 1,500,000 25,000 750,000 775,000 (80,000) 695,000 805,000 (520,000) 285,000 (5,000) 280,000 (84,000) * 196,000

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