INCOME STATEMENT YR1

Projected Sales P 3,762,000.00

Cost of Goods Sold (2,245,500.00)*

Gross Income P 1,516,500.00

Expenses

Salary Expense P 360,000.00**

Utility Expense 36,000.00***

Depreciation Expense 4,500.00**** (400,500.00)

Income before tax 1,116,000.00

Income tax Expense (223,200.00)*****

Income after tax P 892,800.00

Cost of Goods Sold*

Beginning Inventory -

Purchases P 2,495,000.00

Goods Available for Sale 2,495,000.00

Ending Inventory

(2,495,000 x 10%) (249,500.00)

Cost of Goods Sold P 2,245,500.00

Salary Expenses**

10,000 x 12months = P 120,000.00

X 3 employees ____________

P 360,000.00