quarter

1st quarter 100,880.00

2nd quarter 107,950.00
3rd quarter 129,899.00
4th quarter 125,642.00
464,371.00
RICA CIELO SANTIAGO
INCOME STATEMENT
For the year ended December 31, 2019
(Amounts in Philippine Peso)

2019
GROSS SALES 464,371
LESS: COST OF SALES 148,134
GROSS INCOME 316,237
Add: OTHER INCOME -
TOTAL GROSS REVENUE 316,237

LESS: OPERATING EXPENSES

Communication, Light and Water 11,500
Depreciation 6,500
Miscellaneous 6,545
Salary and Allowances 28,250
Taxes and Allowances 4,500
Transportation & Travel 6,600
TOTAL OPERATING EXPENSE 63,895

INCOME BEFORE TAX 252,342

Less: INCOME TAX (468)
NET INCOME 251,873

PROVISION FOR INCOME TAX COMPUTATION ###

Income before Income Tax 252,342
Tax on:
First P250,000
In excess of P250,000 AT 20% 468
INCOME TAX 468

INCOME TAX PAYABLE COMPUTATION

Provision for Income tax 468
Less: 2307 for the year
tax paid 1st to 3rd Qtr -
Income Tax Payable 468

###
Certified Correct: ###
###
RICA CIELO SANTIAGO
Taxpayer
RICA CIELO SANTIAGO
BALANCE SHEET
For the year ended December 31, 2019
(Amount in Philippine Peso)

2019

ASSETS

Current Assets
Cash on Hand and in Bank 125,450
Merchandise Inventory 65,850
Receivable 32,500
Total Current Assets 223,800

Non-Current Assets
Property and Equipment 105,450
Other Noncurrent Asset 50,600
Total Non-Current Assets 156,050

TOTAL ASSETS 379,850

LIABILITIES & OWNERS' EQUITY

Current Liabilities
Trade & Other Payables 50,200
Income Tax Payable 468
Total Current Liabilities 50,668

Owner's Equity
Capital Beginning 145,055
Net Income 251,873
Withdrawals (67,747)
Total Stockholders' Equity 329,181

TOTAL LIABILITIES & OWNERS' EQUITY 379,850