Statement of Comprehensive Income

for the period ended December 31, 20XX

in Philippine Peso
Revenue
Net Sales
Sales 1,850,000
Sales Return and Allowance 45,000
Sales Discounts 18,000
Less: Cost of Goods Sold
Merchandise Inventory, January 1 250,000
Purchases 910,000
Add: Freight-in 17,000
Less: Purchase Return and Allowances 25,000
Purchase Discounts 13,000
Net Purchase 889, 000
Total Goods Available for Sale 1, 139, 000
Less: Merchandise Inventory, December 31 190,000
Gross Profit
Less: Operating Expenses
Selling Expenses
General and Administrative Expenses
Operating Income
Other Operating Income and Expense
Less: Interest Expense
Net Income (Loss)

Statement of Comprehensive Income

for the period ended December 31, 20XX
in Philippine Peso
Revenue
 Professional Fees
Gross Profit
Less: Operating Expenses
Selling Expenses      15,000
Store supplies expense      20,000
Advertising Expense 50,000
Insurance Expense 24, 500
Utilities 63, 000
Depreciation of Building 105, 000
Sales Salaries and Benefits    265,000
Depreciation of Store Equipment      80,000
General and Administrative Expenses
Depreciation of Office Equipment      65,000
Office Salaries and Benefits    285,000
Office Supplies      11,000
Insurance Expense      10, 500
Depreciation of Building   45, 000
Utilities 27, 000
Operating Income
Other Operating Income and Expense
Less: Freight Out
Interest Expense        8,000
Loss on Sale of Bond Investment      30,000 38, 000
Income Before Tax
*Income Tax
Net Income (Loss)
 Bilangbilin, capital  P  357,000
Purchases 910,000
Sales 1,850,000
Sales Return and Allowances 45,000
Sales Discounts 18,000
Purchase Return and Allowances 25,000
Purchase Discounts 13,000
1, 787, 000 Freight – in 17,000
Freight – out 2,000
Administrative Expense 45,000
Selling Expense 72,000
Merchandise Inventory
   Jan. 1 250,000
   Dec. 31 190,000

949, 000
838, 000

72,000
45,000
721, 000

-2,000
719, 000
1,750,000 Advertising   P 50,000
1,750,000 Freight-Out      15,000
Insurance      35,000
Store Supplies      20,000
Interest Expense        8,000
Office Supplies      11,000
Sales Salaries and Benefits    265,000
Office Salaries and Benefits    285,000
Professional Fees 1,750,000
Depreciation of Office Equipment      65,000
622,500 Depreciation of Store Equipment      80,000
Depreciation of Building    150,000
Loss on Sale of Bond Investment      30,000
Utilities      90,000
It was estimated that 70% of insurance, building space and utilities used by store. Inco

443, 500
684, 000

-38,000
646, 000
193, 800
452, 200
nd utilities used by store. Income tax is 30%