VILLANUEVA"S COMPANY

Income Statement   
For the Year Ended December 31   

SALES:
LESS:SALES DISCOUNT
SALES RETURN AND ALLOWANCES
NET SALES
COST OF GOD SOLD
GROSS PROFIT
OPERATING EXPENSE
SELLING EXPENSE
COMMISION EXPENSE
ADVERTISING EXPENSE
SALES SALARIES EXPENSE
RENT EXPENSE-SALE
TOTAL SELLING EXPENSE
ADMINISTRATIVE EXPENSE
RENT EXPENSE-OFFICE
OFFICE SALARIES EXPENSE
UTILITIES EXPENSE
TOTAL ADMIN.EXPENSES
TOTAL OPERATING EXPENSES
INCOME FROM OPERATION
OTHER REVENUE(EXPENSE)
INTEREST REVENUE
INTEREST EXPENSE
TOTAL REVENUE (EXPENSES)
NET INCOME
 VILLANUEVA"S COMPANY
Cost of Goods Sold Statement
For the year ended December 31

Merchandise Inventory, January 1

Purchases
Less: Purchase discount
Purchase returns and allowances
Net Purchases (167,000 – 156,000)
Add: Transportation In
Net cost of purchases (156,000 + 10,000)
Cost of goods available for sale  (24,000 + 166,000)
Less: Merchandise Inventory, December 31
Cost of goods sold (190,000 – 31,000)
LANUEVA"S COMPANY
of Goods Sold Statement
e year ended December 31

1
1
0

  (24,000 + 166,000)
ecember 31