Elle Company

Income Statement
For the year ended dece,ber 31, 201A

Sales
Less: Sales Returns and allowances
Net Sales
Less: Cost of Good Sold
Merchandise Inverntoy, Jan 1
Add: Net purchases
Total Goods available for sale
Less: Merchandise Inventory, Dec 31
Gross Profit
Less: Selling Expense
Advertisement Expense ₱10,000.00
Sales Salaries 30,000.00
Commission Expense 15,000.00
Miscellaneous Selling Expense 3,000.00
Administrative Expenses
Rent Expenses 15,000.00
Office Salaries 20,000.00
Light and Water 2,000.00
Linsurance Expense 1,000.00
Taxes and License 5,000.00
Uncollectible Accounts Expense 20,000.00
Depreciation Expense-Furniture and Equipment ₱10,000.00
Operating Profit
Less: Interest Expense
Net Income/Loss
A

₱475,000.00
5,000.00
470,000.00

₱57,000.00
217,000.00
274,000.00
60,000.00 214,000.00
256,000.00

58,000.00

₱73,000.00 131,000.00
125,000.00
4,000.00
₱121,000.00
 Joy Company
Income Statement
For the year ended December 31, 201A

Sales ₱895,000.00
Less: Cost of Good Sold ₱402,750.00
Merchandise Inventory, beg 126,000.00
Add: Net Purchases 466,250.00
Total Goods Available for Sale 592,250.00
Less: MerchandiseInventory, end 189,500.00 402,750.00
Gross Profit ₱492,250.00
Less: Selling Expenses 161,100.00
Administrative Expenses ₱128,888.00
Total Expense 289,988.00
Net Income ₱202,262.00
 Novela Bookstore
Statement of Changes in Owner's Equity
For the year Ended December 31, 201B
R. Novela, Capital, Jan 1 ₱1,500,000.00
Add: Net Income for the period 840,000.00
Additional Investment 450,000 1,290,000.00
₱2,790,000.00
Less: Withdrawals ₱120,000.00
Net Loss (320,000.00) 440,000.00
R. Novela, Capital, Dec 31 ₱2,350,000.00