Dongael, Princess Mitchiko A.

BSHM-2
HOSPITALITY LEGAL SERVICES, INC.
Income Statement
As of the month of July 1, 20XX

Revenue
Investment Php. 1,000,000.00
Service Revenue (Cash) Php. 150,000.00
Service Revenue (On Php. 200,000.00
Account)
Notes Payable (Bank) Php. 70,000.00
Total Revenue
Php. 1,420,000.00
Expenses
Rent Php. 80,000.00
Office Equipment Php. 300,000.00
Salaries Php. 50,000.00
Utilities Php. 30,000.00
Telephone Php. 10,000.00
Total Expenses
Php. 470,000.00

Net Income Php. 950,000.00

Based on the report during the first month of operation, by subtracting the expenses paid during
the month to the revenue the incorporation made, the Hospitality Legal Services, Inc. had gained
the total net income of Php 950,000.00 as of the month of July 20XX.