CHEAP SELLERS CO., INC.

INCOME STATEMENT
As of the year ended December 31,2020

Net Sales
Sales
Less: Sales Returns
Sales Discounts
Net Sales

Cost of Goods Sold

Merchandising Inventory, Beg.
Add: Purchase P277,464,591.17
Less: Purchase Return P964.29
Purchases Discounts 75,481.25 (76,445.54)
277,388,145.63
Add: Freight in 3,355,709.94
Net Purchases (280,743,855.67)
Total Goods Available for Sale
Less: Merchandising Inventory, End.
Cost of Sales
Gross Profit

Expenses
Advertising & promotion 66,919.64
Commission 702,136.34
Communication 240,278.30
Depreciation expense 616,935.64
Doubtful accounts expense 270,125.50
Financing Cost 129,861.11
Freight & handling out 1,140,659.57
Fuel & lubricants 517,250.93
Income Tax Expense 2,045,112.00
Insurance expense 495,747.94
Light, power & water 875,678.00
Medical expenses 19,972.81
Miscellaneous Expense 80,364.17
Packing 705,584.25
Professional fee 75,000.00
Rent expense 1,320,000.00
Repairs & maintenance 973,480.70
Representation 133,263.65
Salaries and wages 10,224,647.55
Security expense 637,702.56
SSS, Medicare, HDMF Contribution 1,072,399.05
Store & office supplies expense 1,042,884.21
Taxes & Licences 727,376.62
Travel, sales & collection 296,157.32
RS CO., INC.
ATEMENT
December 31,2020

ASSETS
P298,026,920.87 Current Assets
P6,814,651.11 Cash
159,087.51 6,973,738.62 Accounts receivable-trade
P291,053,182.25 Allowance for doubtful acc
Advances to employees
Creditable Income tax
P78,586,860.31 Merchandise Inventory
Office and store supplies
Prepaid insurance
Total Current Assets

Store and Office Equipm

280,743,855.67 Accumulated Depreciat
P359,330,715.88 Store and Office Furnitu
97,188,874.98 Accumulated Depreciat
(262,141,841) 264,141,840.90 Transportation and Deli
28,911,341.35 Accumulated Depreciat
Other Fixed Assets
Accumulated Depreciat
Leasehold Improvemen
Accumulated Depreciat
Land
Total Non-Current Assets

Total Assets

LIABILITIES
Current Liabilities
Accounts payable-trade
VAT Output Tax Payable
Accrued SSS Premium C
Accrued PhilHealth
Accrued HDMF Premium
Withholding Tax Payable-
Withholding Tax Payable-
Other Accrued Expenses

Income Tax Payable

Loans Payable
Less: VAT Input
 Total Current Liabilities

Owner's Equity
24,409,537.86
₱ 4,501,803.49 Total Equity

Total Liabilities and Equity

 CHEAP SELLERS CO., INC.
Balance Sheet
As of the year ended December 31,2020

Current Assets
Cash ₱ 3,932,044.56
Accounts receivable-trade 54,025,097.38
Allowance for doubtful accounts (27,0125.50)
Advances to employees 75,255.50
Creditable Income tax 733,313.91
Merchandise Inventory 97,188,874.98
Office and store supplies 305,273.34
Prepaid insurance 4,800.00
Total Current Assets ₱ 155,994,543.17

Store and Office Equipment ₱4,874,935.50

Accumulated Depreciation-Store and Office Equipment (4,203,667.05)
Store and Office Furniture and Fixtures 245,270.02
Accumulated Depreciation Store and Office Furniture and Fixtures (245,270.02)
Transportation and Delivery Equipment 5,953,586.35
Accumulated Depreciation-Transporation and Delivery Equipment (3,897,685.08)
Other Fixed Assets 3,153,327.58
Accumulated Depreciation-Other Fixed Assets (3,099,960.58)
Leasehold Improvements 6,860,395.63
Accumulated Depreciation-Leasehold Improvements (6,528,816.34)
Land 5,715,270.00
Total Non-Current Assets ₱101,513,970.39

Total Assets ₱164,821,920.18

LIABILITIES
Current Liabilities
Accounts payable-trade ₱74,836.80
VAT Output Tax Payable 46,569.78
Accrued SSS Premium Contribution 33,260.00
Accrued PhilHealth 13,369.75
Accrued HDMF Premium 17,820.99
Withholding Tax Payable-Wages 8,408.86
Withholding Tax Payable-Expanded 249,347.04
Other Accrued Expenses 300,879.79

Income Tax Payable 911,672.03

Loans Payable 100,000,000.00
Less: VAT Input 142,194.65
Total Current Liabilities ₱101,513,970.39

Owner's Equity

Total Equity ₱63,307,949.79

Total Liabilities and Equity ₱164,821,920.18

 CHEAP SELLERS CO., INC.
Statement of Owner's Equity
As of the year ended December 31,2020

Shareholders Equity

Subscribe Capital Stock

Retained Earnings
Total:

ADD: Net Income

Total Equity
NC.
quity
er 31,2020

₱ 40,000,000.00
₱ 18,806,146.30
₱ 58,806,146.30

4,501,803.49
₱ 63,307,949.79