Bartolome Pozon Traders

Income Statement
For the Year Ended Dec. 31, 2019

Net Sales
Sales
Less: Sales Returms & Allowances
Sales Discounts
Net Sales
Cost of Sales
Merchandise Inventory 1/1/2019
Purchases P 4,720,000
Less: Purchases Rets. & Allow. P 110,000
Purchase Discounts 70,000 180,000
Net Purchases P 4,540,000
Transportation In 50,000
Net Cost of Purchases
Goods Availbale for Sale
Less: Merchandise Inventory, 12/31/2019
Cost of Sales
Gross Profit
Operating Expenses
Selling Expenses
Transportation Out P 170,000
Salaries Expense-Selling 1,140,000
Selling Supplies Expense 80,000
Total Selling Expenses
Administrative Expenses
Depreciation Expense-Office Equipment P 320,000
Office Supplies-Expense 460,000
Salaries Expense-General 920,000
Depreciation Expense-Store Equipment 160,000
Insurance Expenses 55,000
Miscellaneous Expense 30,000
Total Administrative Expenses
Total Operating Expenses
Operating Profit

Profit
 P 9,630,000
P 280,000
210,000 490,000
P 9,140,000

P 2,170,000

4,590,000
P 6,760,000
1,430,000
5,330,000
P 3,810,000

P 1,390,000

1,945,000
3,335,000
P 475,000

P 475,000