Elms Connections

Income Statement
For the year ended Decemebr 31, 2019
(In Philippine Peso)

Revenue:
Sales
Interest revenue
Rent revenue
Total revenue
Expenses
Cost of goods sold
Sales returns and allowance
Sales discounts
Sales salaries expense
Advertising expense
Rent expense
Insurance expense
Depreciation expenses - Offi
Office supplies expense
Interest expense
Total expenses
Net profit
ear ended Decemebr 31, 2019

603,427.00
Interest revenue 94,568.00
Rent revenue 90,000.00
Total revenue 787,995.00

Cost of goods sold 180,630.00

Sales returns and allowances 110,285.00
Sales discounts 99,651.00
Sales salaries expense 25,180.00
Advertising expense 19,193.00
Rent expense 15,485.00
Insurance expense 9,324.00
Depreciation expenses - Office equipment 9,000.00
Office supplies expense 5,942.00
Interest expense 3,566.00
Total expenses 478,256.00
309,739.00
Elms Connections
Income Statement
For the year ended Decemebr 31, 2019
(In Philippine Peso)

Sales
Less: Sales Discounts 99,651.00
Sales returns and allowances 110,285.00
Net Sales
Less Cost of goods sold
Gross profit
Less Expenses:
Selling expenses
Sales salaries expense 25,180.00
Advertising expense 19,193.00
Rent expense 15,485.00
Total selling expenses 59,858.00

Administrative expenses:
Insurance expense 9,324.00
Depreciation expenses - Office equipment 9,000.00
Office supplies expense 5,942.00
Total administrative expenses 24,266.00
Total expenses
Income from operation
Add Other Income (Expenses)
Interest revenue 94,568.00
Rent revenue 90,000.00
Interest expense - 3,566.00
Total other income
Net profit
 Elms Connection
Statement of Financial Positio
For the year ended December 31,

Assets
603,427.00 Current assets:
Cash & cash equivalents
209,936.00 Trade and other Receivables
393,491.00 Inventories
180,630.00 Total current assets
212,861.00 Noncurrent assets:
Buildings
Total assets

Liabilities
Trade and other payables
Total liabilities
Stockholder's equity
Common stock
Net profit
Total stockholder's equity
Total liabilities and stockholder's equity

84,124.00
128,737.00

181,002.00
309,739.00
lms Connection
nt of Financial Position
ended December 31, 2019

596,823.00
34,672.00
263,909.00
895,404.00

350,000.00
1,245,404.00

502,690.00
502,690.00

432,975.00
309,739.00
742,714.00
1,245,404.00
 Garage Parts Unlimited
Statement of Financial Position
For the year ended December 31, 2019

Assets
Current assets:
 Cash & cash equivalents
Trade and other Receivables
Inventories
Total current assets
Noncurrent assets:
Equipment
Total assets

Liabilities
Trade and other payables
Total liabilities
Stockholder's equity
Common stock 564,500.00
Net profit 614,979.00
Total stockholder's equity
Total liabilities and stockholder's equity
Garage Parts Unlimited
Income Statement
For the year ended Decemebr 31, 2019
(In Philippine Peso)

Revenue:
Sales
Interest revenue
Rent revenue
Total revenue
Expenses
Cost of goods sold
Sales returns and allowances
Sales discounts
Sales salaries expense
Advertising expense
Rent expense
Insurance expense
Interest expense
Depreciation expenses - Office equipment
Office supplies expense
Total expenses
Net profit
 624,500.00
100,233.00
277,340.00
1,002,073.00

465,099.00
1,467,172.00

287,693.00
502,690.00

1,179,479.00
1,467,172.00
 Garage Parts Unlimited
Income Statement
For the year ended Decemebr 31, 2019
(In Philippine Peso)

Sales
885,244.00 Less: Sales discounts
216,745.00 Sales returns and allowances
101,600.00 Net Sales
1,203,589.00 Less Cost of goods sold
Gross profit
208,016.00 Less Expenses:
162,312.00 Selling expenses
112,431.00 Sales salaries expense
29,878.00 Advertising expense
22,389.00 Rent expense
19,191.00 Total selling expenses
10,234.00
9,560.00 Administrative expenses:
8,657.00 Insurance expense
5,942.00 Depreciation expenses - Office equ
588,610.00 Office supplies expense
614,979.00 Total administrative expenses
Total expenses
Income from operation
Add Other Income (Expenses)
Interest revenue
Rent revenue
Interest expense
Total other income
Net profit
Decemebr 31, 2019

885,244.00
162,312.00
rns and allowances 112,431.00 274,743.00
610,501.00
208,016.00
402,485.00

Sales salaries expense 29,878.00

Advertising expense 22,389.00
Rent expense 19,191.00
Total selling expenses 71,458.00

ative expenses:
Insurance expense 10,234.00
Depreciation expenses - Office equipment 8,657.00
Office supplies expense 5,942.00
Total administrative expenses 24,833.00
96,291.00
306,194.00

216,745.00
101,600.00
- 9,560.00
308,785.00
614,979.00
 Garage Parts Unlimited
Statement of Financial Position
For the year ended December 31, 2019

Assets
Current assets:
Cash & cash equivalents 624,500.00
Trade and other Receivables 100,233.00
Inventories 277,340.00
Total current assets 1,002,073.00
Noncurrent assets:
Equipment 465,099.00
Total assets 1,467,172.00

Liabilities
Trade and other payables 287,693.00
Total liabilities 502,690.00
Stockholder's equity
Common stock 564,500.00
Net profit 614,979.00
Total stockholder's equity 1,179,479.00
Total liabilities and stockholder's equity 1,467,172.00