quarter

1st quarter
2nd quarter
3rd quarter
4th quarter
83,333.33
RIZALDY SOSA
INCOME STATEMENT
For the year ended December 31, 2019
(Amounts in Philippine Peso)

2019
GROSS SALES 83,333
LESS: COST OF SALE 27,083
GROSS INCOME 56,250
Add: OTHER INCOME 228,400
TOTAL GROSS REVENUE 284,650

LESS: OPERATING EXPENSES

Communication, Light and Water 7,850
Depreciation 1,722
Miscellaneous 1,855
Salary and Allowances 18,545
Taxes and Allowances 1,254
Transportation & Travel 1,264
TOTAL OPERATING EXPENSE 32,490

INCOME BEFORE TAX 252,160

Less: INCOME TAX (432)
NET INCOME 251,728

PROVISION FOR INCOME TAX COMPUTATION

Income before Income Tax 252,160
Tax on:
First P250,000
In excess of P250,000 at 20% 432
INCOME TAX 432

INCOME TAX PAYABLE COMPUTATION

Provision for Income tax 432
Less: 2307 for the year
tax paid 1st to 3rd Qtr -
Income Tax Payable 432

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

2019

ASSETS

Current Assets
Cash on Hand and in Bank 77,250
Merchandise Inventory 42,650
Receivable 32,500
Total Current Assets 152,400

Non-Current Assets
Property and Equipment 119,670
Other Noncurrent Asset 32,545
Total Non-Current Assets 152,215

TOTAL ASSETS 304,615

LIABILITIES & OWNERS' EQUITY

Current Liabilities
Trade & Other Payables 12,655
Income Tax Payable 432
Total Current Liabilities 13,087

Owner's Equity
Capital Beginning 115,250
Net Income 251,728
Withdrawals (75,450)
Total Stockholders' Equity 291,528

TOTAL LIABILITIES & OWNERS' EQUITY 304,615