Name College of St.

Benilde
FinaMgt Asisgnment 1 William Co Bautista

From the following, complete the income statement of Mabola Trading for the month of March 2021
by writing the amounts in the appropriate boxes:

Purchases P 95,400 Freight-in P 1,820

Inventory, March 1 25,250 Purchase discounts 3,060
Sales return & allowances 2,500 Sales discounts 1,550
Rent expense - store 24,000 Rent expense - office 12,000
Salaries expense - store 28,500 Store supplies 2,375
Freight-out 3,960 Sales 186,300
Utilities - office 5,840 Sales commission 3,585
Rent income 12,000 Advertising expense 3,000
Interest expense 494 Office supplies 2,135
Salaries expense - office 12,450 Purchase return & allowances 4,600
Telecommunication - office 3,575 Inventory, March 31 32,450

Mabola Trading
Statement of Income
For month ended March 31, 2021
Net Sales P
Cost of Goods Sold
Net Purchases
Goods Available for Sale
Gross Profit
Operating Expenses
Distribution Expenses P
General & Administrative
Income (Loss) from Operation
Other Income
Other Expenses
Net Profit (Loss) P