Income Statement – Atomic Ballroom

Income Statement for Dance Studio	2018	2019	2020
Revenue
Dance Class Fees	$120,000	$150,000	$180,000
Event Tickets	$10,000	$12,000	$15,000
Other Income	$5,000	$6,000	$7,000
Total Revenue	$135,000	$168,000	$202,000
Expenses
Rent	$36,000	$38,000	$40,000
Utilities	$12,000	$13,000	$14,000
Salaries and Wages	$60,000	$65,000	$70,000
Advertising	$5,000	$6,000	$7,000
Supplies	$3,000	$4,000	$5,000
Depreciation	$2,000	$2,000	$2,000
Other Expenses	$1,000	$1,000	$1,000
Total Expenses	$119,000	$129,000	$139,000
Net Income	$16,000	$39,000	$63,000

The table shows that the dance studio has increased its revenue and gross profit every year, while keeping its cost of goods sold and operating expenses relatively stable. This indicates that the dance studio is improving its efficiency and profitability. The table also shows that the dance studio has increased its interest expense every year, which suggests that it has borrowed more money to finance its growth. The dance studio has also paid more taxes every year, which reflects its higher income.