Mari Jose Cor.

Income Statement

For the Year Ended Dec. 31, 2020

(in PHP)

Sales 540,000

Less: Sales Return 2,000

NET SALES 538,000

Beginning Inventory 190,000

Purchase 303,000

Less: Purchase Return 3,000

Add: Freight In 2,000

COST OF GOODS AVAILABLE FOR SALE 498,000

Less: Ending Inventory 201,000

Cost of Goods Sold 297,000

Gross Profit 241,000

Expenses

Operating Expenses

Rent Expense 18,000

Depreciation Expense 20,000

Other Expenses 1,000 39,000

Income Before Taxes 202,000

Taxes 60,600

NET INCOME 141,400