APO ENTERPRISES

Income Statement
For the period ended January 31, 2018

Net Sales:
Gross Sales P912,142.86
Less: Sales Returns and Allowances P11,428.57
Sales Discounts P4,260 P15,688.57
Net Sales P896,454.29
Other Income P15,000
P911,454.29
Cost of Sales:
Purchase P703,660.71
Less: Purchase Discounts P6160.71
Net Purchases P697,500
Add: Freight In P3,600
Cost of Goods Available for Sale P701,100
Less: Merchandise, Inventory P195,300
Cost of Sales P505,800
Gross Profit P405,654.29

Operating Expenses:
General and Administrative Expenses:
Taxes and Licenses P8,500
Utilities Expense P8,800
Insurance Expense P2,750
Store Supplies Used P23,800
Uncollectible Accounts P2,982
Depreciation Expenses P5,875
Postage and Communication P2,300
Repairs and Maintenance P5,800 P60,807

Selling and Distribution Expenses:

Salaries and Wages P65,000
Advertising Expense P4,500
Freight Out P2,900 P72,400

Other Expenses:
Miscellaneous Expense P2,150 P135,357
Net Profit P270,297.29