KARNET COMPUTER SERVICES

Statement of Comprehensive Income

For the Period Ended December 31, 2019
Service Income ₱ 875,000.00
Less: Operating Expenses
Salaries Expense ₱ 230,000.00
Depreciation Expense 21,000.00
Insurance Expense 15,000.00
Supplies Expense 32,000.00
Utilities Expense 50,000.00
Rent Expense 60,000.00 ₱ 408,000.00
Gross Profit ₱ 467,000.00
Gain on Sale of Equipment 25,000.00
NET INCOME ₱ 492,000.00
 FILOMENA MERCHANDISING
Statement of Comprehensive Income
For the Period Ended December 31, 2019
Net Sales
Less: Cost of Goods Sold
Gross Profit
Less: Operating Expenses
Selling Expenses ₱ 91,750.00
General and Administrative Expenses 425,250.00

Net Income

Notes to Financial Statement

1. NET SALES
Sales:
Less: Sales Return ₱ -
Sales Discount 575.00
Net Sales

2. COST OF GOODS SOLD

Beginning Inventory
Add: Net Purchases
Purchases
Less: Sales Returns 0
Less: Sales Discount 0
Net Purchases
Add: Freight-In
Net Cost of Goods Purchases
Total Goods Available for Sale
Less: Ending Inventory
Cost of Goods Sold

3. OPERATING EXPENSES

AMOUNT

Salaries Expense ₱ 80,000.00 25% SE

25% SE
25% SE

25% SE
 25% SE
Suplies Expense 120,000.00
25% SE
Depreciation Expense 80,000.00 25% SE
Utiliies Expense 67,000.00
Insurance Expense 30,000.00 25% SE
Rent Expense 140,000.00
₱ 517,000.00
 ₱ 4,199,425.00
208,750.00
₱ 3,990,675.00

517000
₱ 3,473,675.00

₱ 4,200,000.00

575.00
₱ 4,199,425.00

₱ 8,750.00

₱ 212,000.00

212,000.00
0
212,000.00
₱ 220,750.00
12,000.00
₱ 208,750.00

SELLING GENERAL &

EXPENSE ADMINISTRATIVE
EXPENSES

25% SE ₱ 20,000.00 ₱ 60,000.00

25% SE
25% SE

25% SE
25% SE
120,000.00
25% SE
25% SE 20000 60000
16750 50250
25% SE 30,000.00
35000 105000
₱ 91,750.00 ₱ 425,250.00