Mr.

CPA Buy and Sell and Delivery Services

Income Statement
For year ended December 31,2018

Sales ₱ 400,000
Less: Cost of Goods Sold (₱ 200,000)
Gross Profit ₱ 200,000
Service Revenue ₱ 390,000
Total Income ₱ 590,000
Less: Expense
Utilities Expense ₱25,000
Salaries Expense ₱175,000
Supplies Expense ₱45,000
Insurance Expense ₱2,000
Interest Expense ₱14,500
Depreciation Expense ₱162,000
Repair and Maintenance Expense ₱10,000
Bad Debt Expense ₱5,000
(₱ 438,500)
Net Income ₱ 151,500

Prepared by:

Khryssel B. Cordial, CPA