Home / Questions / LOWRY DEPARTMENT STORE Income Statement.
LOWRY DEPARTMENT STORE
Income Statement
For the Year Ended November 30, 2010
Sales revenues
Sales $ 1,273,736
Less: Sales returns and allowances 28180
Net Sales 1245556
Cost of Goods Sold 892320
Gross Profit 353236
Operating Expenses
Salaries expense $ 164853
Rent expense 47906
Utilities expense 14935
Depr. exp.-Store equip. 13386
Insurance expense 12681
Delivery expense 8736
Depr. exp.-Delivery equip. 5636
Property tax expense 4932
Total operating expenses 273065
Income from operations 80171
Other revenues and gains
Gain on sale of equipment $ 2818
Other expenses and losses
Interest expense 7045
4227
Income before income taxes 75944
Income tax expense 14090
Net income $ 61854
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