Alfresco Marketing

Income Statement
for the month ended June 30, 2018
Net Sales (Note 1) ₱ 72,593.19
Less: Cost of Sales (Note 2) (47,013.22)
GROSS PROFIT ₱ 25,579.97
Less: Operating Expenses
Selling Expenses (Note 3) (62,827.34)
Administrative Expenses (Note 4 (18,263.35)
OPERATING INCOME (55,510.72)
Less: Interest Expense (151.20)
NET LOSS -₱ 55,661.92

Note 1: Net Sales

Sales ₱ 73,198.67
Less: Sales Returns & Allowances (605.48)
NET SALES ₱ 72,593.19

Note 2: Cost of Sales

Merchandise Inventory, June 1 ₱ 57,790
Add: Net Cost of Purchases
Purchases ₱ 64,285.72
Less: Purchase Returns & Allowances (3,214.29)
Purchase Discounts (48.21) 61,023.22
Total goods available for sale ₱ 118,813.22
Less: Merchandise Inventory, Aug 31 (71,800.00)
COST OF SALES ₱ 47,013.22

Note 3: Selling Expenses

Pag-ibig Premium Expense ₱ 500.00
MCR Premiums Expense 2,970.00
SS & EC Premiums Expense 6,133.50
Depreciation Expense - Delivery Equ 1,333.33
Repair & Maintenance Expense 2,006.58
Gas & Oil Expense 758.93
Utilities Expense 1,125.00
Rent Expense 7,500.00
Salaries Expense 40,500.00
₱ 62,827.34
Note 4: Adminitrative Expenses
Supplies Expense ₱ 338.35
Bank Service Charge 700.00
Depreciation Expense - F & E 850.00
Utilities Expense 375.00
Rent Expense 2,500.00
Salaries Expense 13,500.00
₱ 18,263.35