EAST ASIA DISTRIBUTORS

INCOME STATEMENT
MAY 21,2023
SALES ₱ 45,300
LESS: SALES DISCOUNT ₱ 304
SALES RETURNS AND ALLOWANCES 900 1,204
NET SALES 44,096
LESS: COST OF GOODS SOLD 33,700
GROSS PROFIT ₱ 10,396
OPERATING EXPENSE
LESS: FREIGHT OUT ₱ 200
ADMINISTRATIVE EXPENSES
RENT EXPENSE ₱ 3,500
SALARIES 3,000
ADVERTISING EXPENSE 1,000
UTILITIES 400
TOTAL ADMINISTRATIVE EXPENSES ₱7,900
TOTAL OPERATING EXPENSES 8,100
NET PROFIT ₱ 2,296