College of Business and Accountancy

ACCTG 311 – Computerized Bookkeeping

Name: Jheilson S. Dingcong Date: 06/29/2021

Course & Year: BSBA 3 OM Class Schedule: 6:30 PM to 9:30 PM M-F

Sales Trend Preparation

1. Sales is expected to increase by 10% every year.

2. Cost of Sales 70% of sales
3. Rent Expense is constant at P12,000 per month.
4. Utilize expense per month is 1.5% of annual gross profit.
5. Monthly transportation expense is at P2,000.
6. Other is equal to 0.9% of gross profit.
7. Income tax is 30%.
8. Sales for year 2017 – P3,500,000

Required:
1. Prepare a table showing 2020, 2019, 2018, 2017 Comprehensive Income Statement.
2. Gross profit for
a. 2020 – P 1,397,550
b. 2019 – P 1,270,500
c. 2018 – P 1,155,000
d. 2017 – P 1,050,000
3. Net Income After Tax
a. 2020 – P 675,789
b. 2019 – P 603,662
c. 2018 – P 538,093
d. 2017 – P 478,485
4. Total Expense
a. 2020 – P 432,137
b. 2019 – P 408,125
c. 2018 – P 386,295
d. 2017 – P 366,450
 Income Statement
For the Year Ended December 31, 2017
Revenues
Sales 3,500,000
Cost of Sales 2,450,000
Gross Profit 1,050,000

Operating Expenses
Rent Expense 144,000
Utilities Expense 189,000
Transportation Expense 24,000
Other Expense 9,450
Total Expenses 366,450

Net Income before tax 683,550

Income tax (30%) 205,065
Net Income after tax 478,485

Income Statement
For the Year Ended December 31, 2018
Revenues
Sales 3,850,000
Cost of Sales 2,695,000
Gross Profit 1,155,000

Operating Expenses
Rent Expense 144,000
Utilities Expense 207,900
Transportation Expense 24,000
Other Expense 10,395
Total Expenses 386,295

Net Income before tax 768,705

Income tax (30%) 230,612
Net Income after tax 538,093
 Income Statement
For the Year Ended December 31, 2019
Revenues
Sales 4,235,000
Cost of Sales 2,964,500
Gross Profit 1,270,500

Operating Expenses
Rent Expense 144,000
Utilities Expense 228,690
Transportation Expense 24,000
Other Expense 11,435
Total Expenses 408,125

Net Income before tax 862,375

Income tax (30%) 258,713
Net Income after tax 603,662

Income Statement
For the Year Ended December 31, 2020
Revenues
Sales 4,658,500
Cost of Sales 3,260,950
Gross Profit 1,397,550

Operating Expenses
Rent Expense 144,000
Utilities Expense 251,559
Transportation Expense 24,000
Other Expense 12,578
Total Expenses 432,137

Net Income before tax 965,413

Income tax (30%) 289,624
Net Income after tax 675,789