Professional Documents
Culture Documents
Income Statements
For the years 2018 and 2019
2018 2019
Sales ₱ 300,000.00 ₱ 200,000.00
Less: Cost of Goods Sold 120,000.00 100,000.00
Gross profit on sales 180,000.00 100,000.00
Less: Operating Expenses (including
depreciation, Php 6,000) 125,000.00 60,000.00
Income Before Tax 55,000.00 40,000.00
Less: Provision for Income Tax 19,250.00 14,000.00
Net Income ₱ 35,750.00 ₱ 26,000.00
RITA ENTERPRISES
Balance Sheets
For the years 2018 and 2019
2018 2019
ASSETS
Current Assets:
Cash ₱ 15,000.00 ₱ 12,200.00
Marketable Securities 5,000.00 16,000.00
Accounts Receivable, net 25,000.00 15,000.00
Finished Goods 24,000.00 26,000.00
Work in Process 16,000.00 13,000.00
Raw Materials 12,000.00 8,000.00
Factory Supplies 1,200.00 2,000.00
Prepaid Expenses 1,800.00 2,300.00
Total Current Assets 100,000.00 94,500.00
Shareholders Equity
Capital 65,000.00 58,000.00
Retained Earnings 35,750.00 21,500.00
Total Shareholder's Equity 100,750.00 79,500.00
TOTAL LIABILITIES AND SHAREHOLDERS' EQUI ₱ 200,000.00 ₱ 174,500.00