Gold Mine Co.

Projected Income Statement

Year 2020

Net Sales
73.70% Cost of Sales
Gross Profit
Less: Expenses
6% Operating Expenses
Depreciation
3% Delivery Fees
Interest Expense
Income before Tax
30% Tax
Net Income
 Grading/Scoring System

Points x Weight

All amounts are correct 5x3 15

1 amount is incorrect 4x3 12
2-3 amounts are incorrect 3x3 9
4-6 amounts are incorect 2x3 6
All amounts are incorrect 1x3 3
 Depreciation Expense 2020

Ending PPE, 2019

Beginning PPE, 2020
Total Gross Beginning Balance, PPE 2020

Total Gross Beginning Balance, PPE 2020

Rate 10%
Depreciation Expense, 2020
 January February March April

2019 Sales ₱ 1,361,240.00 ₱ 2,035,060.00 ₱ 3,008,340.00 ₱ 6,193,650.00

20% 20% 20% 30%

Projected Net Sales

2020
 May June July August September

₱ 10,617,680.00 ₱ 13,449,060.00 ₱ 12,475,770.00 ₱ 6,282,130.00 ₱ 3,539,230.00

30% 30% 25% 25% 25%

 October November December TOTAL

₱ 3,008,340.00 ₱ 2,388,980.00 ₱ 1,946,570.00 ₱ 66,306,050.00

25% 25% 25%

 Gold Mine Co. Gold Mine Co.
Statement of Comprhensive Income Monthly Sales
For year ended, December 31, 2019 Year 2019

2019 January
Gross Sales ₱ 66,306,050.00 February
Cost of Goods 46,398,029 March
Gross Profit ₱ 19,908,021.00 April
Delivery Fees 1,989,182 May
Operating Expenses 4,159,275 June
Depreciation 869,600 July
Interest Expense 1,240,000 August
Income before Taxes ₱ 11,649,964.00 September
Income Tax 3,583,444 October
Net Income ₱ 8,066,520.00 November
December
TOTAL
Gold Mine Co.
Monthly Sales
Year 2019
2019
₱ 1,361,240.00
2,035,060
3,008,340
6,193,650
10,617,680
13,449,060
12,475,770
6,282,130
3,539,230
3,008,340
2,388,980
1,946,570
₱ 66,306,050.00