Mary Ming U.

Tang's Merchandising Company

Statement of Comprehensive Income
Year Ended December 31, 2021

Revenues
Sales Sales ₱7,800,000.00
Sales Returns and Allowances - 180,000
Sales Discount - 120,000
Net Sales Revenue ₱7,500,000

Income Rent Income ₱250,000

Dividend Income 150,000
Interest Income 100,000
Total Other Income ₱500,000

Inventories Merchandise Inventory, December 31 ₱1,200,000

Merchandise Inventory, January 1 - 800,000
Increase in Inventory ₱400,000
Total Income ₱8,400,000

Expenses
Purchases Purchases ₱4,500,000
Freight In 150,000
Purchase Returns and Allowances - 110,000
Purchase Discount - 140,000
Net Purchases ₱4,400,000
Employee Benefits Sales Salaries 300,000
SSS contributions - distribution 15,000
PAGIBIG contribution - distribution 5,000
Officers and Staff salaries 500,000
SSS contributions 18,000
PAGIBIG contribution 12,000
Total Employee Benefits 850,000
 Doubtful Accounts 50,000
Salesmen's Commission 100,000
Depreciation Depreciation Expenses - delivery vehicle 40,000
Depreciation - office furnitute 50,000
Total 90,000
Advertising 20,000
Supplies Office Suppplies 10,000
Store Supplies 15,000
Total 25,000
Finance Cost Interest Expense on bank loan 20,000 ₱5,555,000
Net Income before Tax ₱2,845,000
Income Tax - 30% ₱853,500
Net Income ₱1,991,500