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    Allen Kate
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    Michael's Inc. had net sales of P3.8 million for the year ended December 31, 2014 after accounting for sales returns and allowances of P200,000 on gross sales of P4 million. Cost of goods sold was P3 million, resulting in a gross profit of P800,000. After operating expenses of P500,000 including P100,000 for depreciation and P400,000 for other expenses, Michael's Inc. reported a net profit of P300,000.

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    Michael's Inc. had net sales of P3.8 million for the year ended December 31, 2014 after accounting for sales returns and allowances of P200,000 on gross sales of P4 million. Cost of goods sold was P3 million, resulting in a gross profit of P800,000. After operating expenses of P500,000 including P100,000 for depreciation and P400,000 for other expenses, Michael's Inc. reported a net profit of P300,000.

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    18 views1 page

    Income Statement

    Uploaded by

    Allen Kate
    Michael's Inc. had net sales of P3.8 million for the year ended December 31, 2014 after accounting for sales returns and allowances of P200,000 on gross sales of P4 million. Cost of goods sold was P3 million, resulting in a gross profit of P800,000. After operating expenses of P500,000 including P100,000 for depreciation and P400,000 for other expenses, Michael's Inc. reported a net profit of P300,000.

    Copyright:

    © All Rights Reserved
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    Michael’s Inc.

    Income Statement

    For the year ended December 31,2014

    Gross Sales P4,000,000

    Less: Sales Returns and Allowances 200,000

    Net Sales P3,800,000

    Cost of Goods Sold 3,000,000

    Gross Profit 800,000

    Operating Expenses:

    Depreciation Expense 100,000

    Other Operating Expense 400,000 500,000

    Net Profit P300,000

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