Charlotte's Designer and Tailoring Shop

Statement of Comprehensive Income

For the period ended/ending December 31, 2020

Note
Revenues
Service Income ₱ 750,000.00
Other Income 1 50,000.00 ₱ 800,000.00
Less: Operating Expenses
Salaries and Wages Expense 2 ₱ 250,000.00
Supplies Expense 3 120,000.00
Advertising Expense 82,000.00
Transportation and Travel Expenses 80,000.00
Utilities Expense 4 50,500.00
Depreciation Expense 5 27,500.00
Insurance Expense 17,000.00
Representation and Entertainment Expense 14,000.00
Repairs and Maintenance Expense 12,000.00
Taxes and Licenses Expense 9,500.00
Doubtful Accounts Expense 4,000.00
Miscellaneous Expense 2,000.00
Finance Cost 2,000.00 (670,500.00)
Net Income Before Taxes ₱ 129,500.00
Income Tax Expense (38,850.00)
Net Income/Profit After Taxes ₱ 90,650.00
Other Comprehensive Income 150,450.00
Total Comprehensive Income ₱ 241,100.00

Notes to Financial Statements

For the period ending December 31, 2020

Note 1 - Other Income

Gain on sale of furniture ₱ 30,000.00
Interest Income 20,000.00
Total Other Income ₱ 50,000.00

Note 2 - Salaries and Wages Expense

Salaries Expense - Administrative Staff ₱ 120,000.00
Salaries Expense - Sales Department 90,000.00
Bonuses and other benefits 40,000.00
Total Salaries and Wages Expense ₱ 250,000.00

Note 3 - Supplies Expense

Store Supplies Expense ₱ 105,000.00
Office Supplies Expense 15,000.00
Total Supplies Expense ₱ 120,000.00

Note 4 - Utilities Expense

Electricity Expense ₱ 25,000.00
Communications Expense 20,000.00
Water Expense 5,500.00
Total Utilities Expense ₱ 50,500.00

Note 5 - Depreciation Expense

Depreciation Expense - Store Equipment ₱ 14,000.00
Depreciation Expense - Office Equipment 13,500.00
Total Depreciation Expense ₱ 27,500.00