ABC Manufacturing Company
Projected Income Statement
For For First Three Years of Operations
		31/12/2004	31/12/2005	31/12/2006
		$	$	$
SALES		400,000	440,000	475,000
COST OF SALES		240,000	264,000	285,000
GROSS MARGIN		160,000	176,000	190,000
OPERATING COSTS
	Advertising	5,000	5,200	5,400
	Automotive	3,000	3,100	3,200
	Bank charges	1,500	1,550	1,600
	Business taxes	500	525	550
	Casual wages	5,000	5,500	6,000
	Depreciation	17,000	17,000	17,000
	Dues, licenses and fees	1,000	1,200	1,300
	Insurance	750	800	825
	Interest on long-term debt	8,827	8,434	8,018
	Misellaneous expenses	1,200	1,400	1,600
	Office costs	6,000	6,200	6,400
	Postage	300	320	330
	Professional fees	3,000	3,200	3,300
	Property taxes	4,000	4,200	4,300
	Repairs and maintenance	3,000	3,300	3,600
	Salaries and benefits	55,000	60,500	66,000
	Telephone	2,000	2,200	2,400
	Utilities	1,200	1,400	1,600
		118,277	126,029	133,423
INCOME BEFORE TAXES		41,723	49,971	56,577
INCOME TAXES		(9,179)	(10,994)	(12,447)
NET INCOME		32,544	38,977	44,130