Note 1 – OTHER INCOME

Dividends Income                   - 16,000

Gain on Sale of Equipment   - 4,000

                                                   = 20,000

Note 2 – DEPRECIATION EXPENSE

Depreciation expense – Furniture & Fixtures         - 5,000

Depreciation Expense- Office Equipment                -12,000

                                                                         = 17,000

Note 3 – OTHER EXPENSE

Loss on Sale of Furniture                         - 0

                                                                  = 0

Note 4 – FINANCE COSTS

Interest Expense                                       - 18,800

                                                                    = 18,800

 
 T. Alunan Law Firm 
Income Statement
For Year Ended December 31, 2017

Note

Legal Fees                                                                                            828, 000

Other Income                                            1                                           20, 000
Total Income                                                                                         848, 000

Less: Operating Expenses

          Sales and Wages        158, 400
          Rent Expense              128, 000
          Utilities Expense            89, 960
          Supplies Expense            3, 984                                                            
          Depreciation Expense    17, 000        2                                           
          Finance Costs                18, 800       4                                          416, 144                                         

Net Income Before Income Tax                                                     Php     431, 856

Less: Income Tax 30%                                                                         129, 556.8
Net Income After Tax                                                                   Php     302, 299.2