Amway - Here You Go IBOs, A Real Profit Loss Statement

A online friend of mine, Gina, sent me her detailed profit/loss statement from her real business. Names were sanitized of course, but here it is IBOs, a real P/L statement. For some of the naysayers who mistakenly accused Gina and I of being the same person, any moderator at the Qblog forum can verify that we are two very different people from very different places. Gina originally visited by blog seeking information about Quixtar as she has/had an IBO for an employee and wanted to learn about this "business". What she eventually found out was how little so many IBOs know about business. Anyway, at "Levi's" request, here is the P/L:


Here it is...Gina's long awaited P/L

YEAR TO DATE
Ordinary Income/Expense
Income
4001 F.R Sales 4,585.18
4002 D. S Sales 2,181,262.78
4003 D.L Sales 384,482.60
4020 Rental Income 405.00
4045 Freight Income 72,751.15
4046 Handling Charge 2,337.15
4099 Sales Returns (376,948.18)
4153 Rebate 473.93
Total Income 2,269,349.61
Cost of Goods Sold
5000 Cost of Goods Sold
5001 F.R Costs 18,894.38
5002 D.S Costs 1,526,418.90
5003 D.L Cost 270,960.60
5043 Freight Costs - Purchases 1,200.00
5045 Freight Costs - Sales 69,848.25
5047 Purchase Discount (36,223.02)
5099 Cost Variance 0.00
5000 Total Cost of Goods Sold 1,851,099.11
Total COGS 1,851,099.11
Gross Profit 418,250.50

Expense
6080 Warranty Exp 2,339.07
6100 Misc. Expenses (13.67)
6105 Amortization 501.00
6110 Advertising Expense 19,496.93
6112 Bad Debt 8,837.24
6115 Bank Service Charges 1,204.74
6116 Foreign Exchange Rate Exp 25.16
6120 Business License & Fee 0.00
6125 Credit Report 289.00
6130 Car/Truck Expense
6132 Gas 5,338.71
6134 Registration & License 272.50
6136 Repairs & Maintenance 783.81
6130 Car/Truck Expense - Other 0.00
6130 Total Car/Truck Expense 6,395.02
1640 Conferences and Seminars 952.98
6150 Contribution 100.00
6160 Depreciation Expense 31,289.00
6170 Dues and Subscriptions 1,229.95
6175 Income Taxes
6180 Insurance
6182 Auto Insurance 664.30
6184 General Liability Ins 4,692.65
6185 Health Insurance 31,909.83
6188 Worker's Compensation 2,857.31
Total Insurance 40,124.09
6210 Maintenance/Janitorial 0.00
6220 Marketing Expense 0.00
6230 Office Suplies 3,081.11
6240 Outside Sales Commissions 0.00
6250 Postage and Shipping 1,843.78
6260 Printing and Reproduction 505.09
6270 Professional Fees 0.00
6272 Accounting Fees 14,100.00
6274 Legal Fees 2,450.52
6270 Total Professional Fees 16,550.52
6275 Contract Labor 792.00
6278 Employee Appreciation 97.30
6285 Property Taxes 10,873.55
6290 Rent 0.00
6293 Equipment Rental 1,101.36
6294 Forklift Service
6300 Repairs and Maintenance 6,705.34
6302 Computer Repairs 620.75
6304 Equipment Repairs 185.43
6300 Total Repairs and Maintenance 7,511.52
6306 Alarm System 650.26
6310 Supplies 2,984.11
6315 Small Furniture, Fixture & Equip 1,469.86
6319 Telephone - Cell phones 548.56
6320 Telephone, Fax, & Internet - Landlines 7,980.03
6321 Tools 0.00
6325 Training
6330 Travel & Entertainment
6334 Meals 1,173.58
6336 Travel 14,030.68
6338 Hotel 482.76
6330 Total Travel & Entertainment 15,687.02
6410 Utilities 13,687.01
6560 Payroll Expenses
6561 Salary 125,108.30
6562 Taxes 10,879.95
6563 Payroll Fees 166.11
6560 Total Payroll Expenses 136,154.36
Total Expense 334,287.95
Net Ordinary Income 83,962.55
Other Income/Expense
Other Income
7000 Other Income (201.69)
7200 Interest Income 111.23
7050 Gain on Sale 0.00
7300 Management Fees
7400 Commissions 184,197.60
Total Other Income 184,107.14
Other Expense
8000 Other Expenses 0.00
8010 Accounts Receivable Adjustments 8,791.14
8020 Inventory Adjustment
8030 Accounts Payable Adjustments
8100 Interest Expense 36,557.07
8110 Return Items 44,998.20
Total Other Expense 90,346.41

Net Other Income 93,760.73

Net Income 177,723.28