quarter

1st quarter
2nd quarter
3rd quarter
4th quarter
270,122.00
FRANCES LEAH SAPLA
INCOME STATEMENT
For the year ended December 31, 2019
(Amounts in Philippine Peso)

2019
GROSS SALES 270,122
LESS: COST OF SALE 67,531
GROSS INCOME 202,592
Add: OTHER INCOME 98,940
TOTAL GROSS REVENUE 301,532

LESS: OPERATING EXPENSES

Communication, Light and Water 9,500
Depreciation 2,500
Miscellaneous 7,500
Salary and Allowances 24,580
Taxes and Allowances 1,000
Transportation & Travel 2,200
TOTAL OPERATING EXPENSE 47,280

INCOME BEFORE TAX 254,252

Less: INCOME TAX (850)
NET INCOME 253,401

PROVISION FOR INCOME TAX COMPUTATION ###

Income before Income Tax
Tax on:
First P250,000
In excess of P250,000 AT 20% 850
INCOME TAX 850

INCOME TAX PAYABLE COMPUTATION 850

Provision for Income tax
Less: 2307 for the year
tax paid 1st to 3rd Qtr
Income Tax Payable 850

###
Certified Correct: ###
###
FRANCES LEAH SAPLA
Taxpayer
FRANCES LEAH SAPLA
BALANCE SHEET
For the year ended December 31, 2019
(Amount in Philippine Peso)

2019

ASSETS

Current Assets
Cash on Hand and in Bank 115,452
Merchandise Inventory 75,850
Receivable 22,500
Total Current Assets 213,802

Non-Current Assets
Property and Equipment 175,000
Other Noncurrent Asset 45,000
Total Non-Current Assets 220,000

TOTAL ASSETS 433,802

LIABILITIES & OWNERS' EQUITY

Current Liabilities
Trade & Other Payables 30,500
Income Tax Payable 850
Total Current Liabilities 31,350

Owner's Equity
Capital Beginning 199,550
Net Income 253,401
Withdrawals (50,500)
Total Stockholders' Equity 402,451

TOTAL LIABILITIES & OWNERS' EQUITY 433,802