Elms Connections

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

Revenue:
Sales 603,427.00
Interest revenue 94,568.00
Rent revenue 90,000.00
Total revenue 787,995.00
Expenses
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
Net profit 309,739.00
Elms Connections
Income Statement
For the year ended Decemebr 31, 2019
(In Philippine Peso)

Sales 603,427.00
Less: Sales Discounts 99,651.00
Sales returns and allowances 110,285.00 209,936.00
Net Sales 393,491.00
Less Cost of goods sold 180,630.00
Gross profit 212,861.00
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 84,124.00
Income from operation 128,737.00
Add Other Income (Expenses)
Interest revenue 94,568.00
Rent revenue 90,000.00
Interest expense - 3,566.00
Total other income 181,002.00
Net profit 309,739.00
 Elms Connection
Statement of Financial Position
For the year ended December 31, 2019

Assets
Current assets:
Cash & cash equivalents 596,823.00
Trade and other Receivables 34,672.00
Inventories 263,909.00
Total current assets 895,404.00
Noncurrent assets:
Buildings 350,000.00
Total assets 1,245,404.00

Liabilities
Trade and other payables 502,690.00
Total liabilities 502,690.00
Stockholder's equity
Common stock 432,975.00
Net profit 309,739.00
Total stockholder's equity 742,714.00
Total liabilities and stockholder's equity 1,245,404.00