Exemplar Company

Statement of Comprehensive Income

For the period ended/ending December 31, 2020

Note

Net Sales 1 ₱ 9,000,000.00

Cost of Goods Sold 2 (5,400,000.00)
Gross Profit ₱ 3,600,000.00
Other Income 3 900,000.00
Total Income ₱ 4,500,000.00
Less: Operating Expenses
Distribution Costs 4 ₱ 1,350,000.00
Administrative Expenses 5 1,000,000.00
Other Expenses 6 320,000.00
Finance Cost 7 200,000.00 (2,870,000.00)
Net Income Before Tax ₱ 1,630,000.00
Income Tax Expense (489,000.00)
Net Income after Tax ₱ 1,141,000.00
Other Comprehensive Income 560,000.00
Total Comprehensive Income ₱ 1,701,000.00

Notes to Financial Statement

For the period ending December 31, 2020

Note 1 - Net Sales

Gross Sales ₱ 9,300,000.00
Sales Discount (100,000.00)
Sales Returns and Allowances (200,000.00)
Total Net Sales ₱ 9,000,000.00

Note 2 - Cost of Goods Sold

Merchandise Inventory, beginning ₱ 1,500,000.00
Purchases ₱ 6,000,000.00
Less: Purchase Returns and Allowances (150,000.00)
Purchase Discount (250,000.00)
Net Purchases ₱ 5,600,000.00
Freight-in 300,000.00
Net Cost of purchases 5,900,000.00
Total goods available for sale ₱ 7,400,000.00
Less: Merchandise Inventory, beginning ending (2,000,000.00)
Total cost of goods sold ₱ 5,400,000.00

Note 3 - Other Income

Interest Income ₱ 180,000.00
Dividend income 120,000.00
Rent Income 100,000.00
Gain from sale of fixed asset 500,000.00
Total other income ₱ 900,000.00

Note 4 - Distribution Costs

Salaries Expense - Sales Department ₱ 600,000.00
Freight-out 250,000.00
Sales Commission 180,000.00
Depreciation Expense - Store Equipment 150,000.00
Advertising Expense 100,000.00
Store Supplies Expense 50,000.00
SSS and Philhealth - Sales Department 20,000.00
Total Distribution Cost ₱ 1,350,000.00
Note 5 - Administrative Expenses
Salaries Expense - Office Staff ₱ 650,000.00
SSS and Philhealth - Office Staff 30,000.00
Bonuses of staff 100,000.00
Office Supplies Expense 70,000.00
Taxes and Licenses 20,000.00
Doubtful Accounts Expense 40,000.00
Depreciation - Office Equipment 90,000.00
Total Administrative Expenses ₱ 1,000,000.00

Note 6 - Other Expenses

Casualty loss from earthquake ₱ 170,000.00
Loss on sale of property 120,000.00
Loss on sale of investment 30,000.00
Total Other Expenses ₱ 320,000.00

Note 7 - Finance Cost

Interest expense on bonds payable ₱ 150,000.00
Interest expense on bank loan 50,000.00
Total Finance Cost ₱ 200,000.00