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BAPSAE BOOKSTORE

INCOME STATEMENT
For the year ended December 31, 2016

1 st Quarter 2 nd Quarter 3rd
Quarter th
4 Quarter
Revenues
Sales P 1,500,000 P 1,470,000 P 1,450,000
P 1,500,000
Less: Sales Discounts 15,000 26,000 25,000
10,500
Sales Return And Allowances 19,000 16,000 26,000
27,500
Net Sales P 1,466,000 P 1,428,000 P 1,399,000
P 1,462,000
Cost of goods Sold
Inventory, Jan. 1 P 180,000 P 35,500 P 150,000
P 225,000
Add: Purchases 340,000 525,000 375,000
300,000
Freight In 15,000 20,000 15,000
19,500
Less: Purchase Disc. 3,600 4,500 6,000
6,900
Purchase Return & Allowances 5,400 4,500 3,000
3,150
Net Purchases P 346,000 P 536,000 P 381,000
P 309,450
Goods Available for Sale P 526,000 P 571,500 P 531,000
P 534,450
Less: Inventory, Dec. 31 35,500 150,000 225,000
180,000
Cost of goods sold P 490,500 P 421,500 P 306,000
P 354,450
Gross Profit P 975,500 P 1,006,500 P
1,093,000 P 1,107,550
Selling Expenses
Advertising P 105,000 P 75,000 P 100,000
P 100,000
Freight Out 6,000 10,000 8,000
10,000

000 Rent 72.000 Salaries 45. Expenses Salaries P 47.000 45.000 35.500 25.000 10.000 Utilities 33.000 25.500 36.000 45.000 Repairs and Maintenance 50.000 15.000 Depreciation 25.000 40.000 25.000 55.000 65.000 62.000 20.000 Net Income P 477.500 12.500 32.000 P 47.500 32.000 Gen.000 67.000 P 47.000 P 47.000 P 608.000 P 608.500 42.000 32.500 P 522.500 22.000 45.500 Insurance 66. and Admin.000 Office Supplies 20.000 37.500 65.000 65.050 .000 Utilities 16.000 42. Depreciation 42.500 25.

BAPSAE BOOKSTORE STATEMENT OF FINANCIAL POSITION For the year ended December 31.500.000 Total Assets P 5.000 Unearned Revenue 100. net 1.000 Total Liabilities P 2.940.186. 2016 Assets Current Assets Cash P 3.556.000 Accounts Receivable 300.000 .000 Noncurrent Liabilities 600.000 Prepaid Insurance 250.000 Prepaid Rent 36.000 Accrued Expenses 387.000 Owner’s Equity Owner’s Equity Apaitan.686.000 Add: Net Income for the Year 2.000 Inventory 600.616.000 Liabilities Current Liabilities Accounts Payable P 1.000.659.000.550 Less: Apaitan.550 Total Equity P 2.000 Total Current Assets P 4.000 Noncurrent Assets Furniture and Fixtures. Capital 12/31/16 P 6. Drawings 12/31/16 5.746.

Total Liabilities and Owner’s Equity P 5.000 .686.