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    Ewan Baya

    Uploaded by

    Angela Hierro
    The document is a comparative income statement for CTTR Store for 2022 and 2021. It shows revenues, costs of goods sold, gross income, operating expenses, income before tax, income tax expense, and net income. Key details include: - Purchases for 2021 were ₱9,612,197 - Cost of sales for 2022 was ₱12,911,341 - Gross income both years was ₱2,446,805 for 2022 and ₱2,456,691 for 2021 - Total operating expenses for 2022 was ₱1,939,992

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    Ewan Baya

    Uploaded by

    Angela Hierro
    9 views2 pages
    The document is a comparative income statement for CTTR Store for 2022 and 2021. It shows revenues, costs of goods sold, gross income, operating expenses, income before tax, income tax expense, and net income. Key details include: - Purchases for 2021 were ₱9,612,197 - Cost of sales for 2022 was ₱12,911,341 - Gross income both years was ₱2,446,805 for 2022 and ₱2,456,691 for 2021 - Total operating expenses for 2022 was ₱1,939,992

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    EWAN BAYA

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    The document is a comparative income statement for CTTR Store for 2022 and 2021. It shows revenues, costs of goods sold, gross income, operating expenses, income before tax, income tax expense, and net income. Key details include: - Purchases for 2021 were ₱9,612,197 - Cost of sales for 2022 was ₱12,911,341 - Gross income both years was ₱2,446,805 for 2022 and ₱2,456,691 for 2021 - Total operating expenses for 2022 was ₱1,939,992

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    9 views2 pages

    Ewan Baya

    Uploaded by

    Angela Hierro
    The document is a comparative income statement for CTTR Store for 2022 and 2021. It shows revenues, costs of goods sold, gross income, operating expenses, income before tax, income tax expense, and net income. Key details include: - Purchases for 2021 were ₱9,612,197 - Cost of sales for 2022 was ₱12,911,341 - Gross income both years was ₱2,446,805 for 2022 and ₱2,456,691 for 2021 - Total operating expenses for 2022 was ₱1,939,992

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 2

    CTTR STORE

    ANTON D. SANTOS - Prop.


    Comparative Statement of Income & Statement
    as of December 31, 2022 & December 31, 2021

    ITEMIZED DEDUCTION

    2022 2021
    REVENUE 15,358,146 13,033,810
    COST OF SALES
    Inventory, Beg. 1,749,738 2,714,660
    Purchases 13,682,206 9,612,197
    Inventory, End (2,520,603) (1,749,738)
    TOTAL COST OF SALES 12,911,341 10,577,119
    GROSS INCOME 2,446,805 2,456,691

    OPERATING EXPENSES

    Salaries & Wages 1,200,850


    SSS, Pag-Ibig & PhilHealth Contribution 155,125 174,972
    Communication, Light & Water 65,628 54,991
    Repair and Maintenance 57,649 39,317
    Gas & Oil 66,912 44,993
    Taxes & Licenses 48,980 72,176
    Transportation and Travel 44,936 29,495
    Freight In 90,912 51,241
    Depreciation 185,000 185,000
    Professional Fee 24,000 12,000
    TOTAL OPERATING EXPENSES 1,939,992 1,925,625
    NET INCOME BEFORE TAX 506,813 531,066
    Provision of Income Tax 56,703.25 62,766.5
    NET INCOME AFTER TAX 450,109.75 468,299.5

    Answer the following questions based on the Income statement provided


    above.

    1.Compute the total Purchases made by CTTR Store for the year 2021.
    2. Determine the total Cost of Sales for the year 2022.
    3. How much the Gross Income for the two (2) consecutive year?
    4. If the total operating expenses for the year 2021 is 1,925,625, how much the total
    salaries and wages of CTTR Store for the year 2021?
    5. How much the total operating expenses for the year 2022?
    6. Compute the Net income Before tax.
    7. If the company is subject to tax, how much the total provision of the income tax for
    every year under the itemized deduction? 8. Determine the total net income after
    tax.

    OSD DEDUCTION
    2022 2021
    REVENUE 15,358,146 13,033,810
    DEDUCTION 40% 6,143,258.4 5,213,524
    NET INCOME BEFORE TAX 9,214,887.6 7,820,286
    Provision of Income Tax 2,565,210.66 2,352,491.52
    NET INCOME AFTER TAX 6,649,676.94 5,467,794.48

    9. How much the total deduction for every year?


    10. Compute the Net income Before tax.
    11. If the company is subject to tax, how much the total provision of the income tax
    for every year under the itemized deduction? 12. Determine the total net income
    after tax

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