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Income Statement
For the 11-month ended November 30, 2015
Note
Net Sales and service revenue 1 ₱ 1,106,860.00
Cost of goods sold 2 (349,110.00)
Gross Profit ₱ 757,750.00
Operating expenses
General and administrative expenses 3 376,750.00
Distribution expense 4 39,280.00
Finance cost 5 6,730.00 (422,760.00)
Other income 6 200.00
Net income ₱ 335,190.00
ASSETS Notes
Current Assets
Cash 7 ₱ 105,000.00
Trade and other receivables 8 153,600.00
Investment in trading securities 100,000.00
Merchandise Inventory, December 31, 2015 12,850.00
Prepaid expenses 9 11,230.00 ₱ 382,680.00
Non-current Assets
Property and equipment 10 952,600.00
TOTAL ASSETS ₱ 1,335,280.00
LIABILITIES
Current Liabilities
Trade and other payables 11 262,130.00
TOTAL LIABILITIES 262,130.00
OWNER'S EQUITY
De Jesus, Capital 1,180,140.00
TOTAL LIABILITIES AND OWNER'S EQUITY ₱ 1,442,270.00
Note 1 - Net Sales
Service revenue ₱ 220,000.00
Sales ₱ 916,850.00
Sales discounts (15,490.00)
Sales returns and allowances (14,500.00) 886,860.00
Total Net Sales revenue and service income ₱ 1,106,860.00
Note 7 - Cash
Cash in bank 95,000.00
Petty cash fund 10,000.00
Total Cash ₱ 105,000.00