JESUS B. ABADIES JR.

Income Statement
For this year December 31, 2016

Income:
Sales 70,210.00
Less: Cost of Sales
Inventory Beginning 25, 010.50
Add: Purchases 10, 050.00
Goods available for sale 35, 060.50
Less: Inventory end 15,400.60
Cost of sales 19, 659.90
Gross Profit on sales 50, 550.10
Add: Rice and Corn Milling Income 200, 150.50
Gross income 250, 700.60
Less operating expense:
Wages 53,000.00
SSS/Medicare 13,200.00
Comm.Lights and Water 30,100.00
Taxes and Licenses 19,000.00
Repair and Maintenance 50,110.00
Transportation 2,000.00
Depreciation 48,063.50
Office Supplies 1,000.00
Mortuary 2,000.00
Total Expenses 218,473.50
Net Income 32, 227.10

JESUS B. ABADIES JR.

Taxpayer
 JESUS B. ABADIES JR.
Balance Sheet
As of December 31, 2016

Assets:

Cash on hand 52, 414.56

Cash in bank 35, 000.00

Merchandise inventory 62, 434.00

Land 250, 000.00

Building 231, 499.00

Less: Acc.Depreciation 123, 108.23 108,390.77

Milling Equipments 350, 000.00

Less: Acc.Depreciation 107, 904.33 242,085.67

Total Assets 750,325.00

Liabilities and Capital

Accounts payable 10, 000.00

Jesus Abadies Jr. Capital 717, 597.90

Add: Net income 32, 227.10

Total 749, 825.00

Less: Withdrawals 9, 500.00

Capital at the end of the period 740, 325.00

Total Liabilities and Capital 750, 325.00

JESUS B. ABADIES JR.

Taxpayer