Single-step approach

Lazaga SP Corp.
Breakdown of Line Items
For the period ended December 31, 2017

INCOME
Sales ₱739,000
Interest income ₱45,000
Gains ₱15,000
Total Income ₱799,000

EXPENSES
Net purchases ₱176,000
Change in inventory (₱25,000)
Freight-out ₱30,000
Sales commission ₱45,000
Advertising expense ₱25,000
Salaries expense ₱240,000
Rent expense ₱30,000
Depreciation expense ₱50,000
Utilities expense ₱25,000
Supplies expense ₱15,000
Transportation and travel expense ₱15,000
Insurance expense ₱10,000
Taxes and licenses ₱60,000
Interest expense ₱5,000
Miscellaneous expense ₱3,000
Loss on sale of equipment ₱5,000
Total Expenses ₱709,000

PROFIT FOR THE YEAR ₱90,000

Other Comprehensive Income —
COMPREHENSIVE INCOME FOR THE YEAR ₱90,000