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Quarter 1st Quarter 45,000.00 2nd Quarter 48,300.00 3rd Quarter 53,333.33 4th Quarter 57,025.00

This income statement summarizes the revenues and expenses for Jimmy Capa for the year ending December 31, 2019. Total gross sales were 203,658 pesos with gross income of 146,634 pesos after deducting cost of sales. Total gross revenue including other income was 302,634 pesos. Total operating expenses were 49,700 pesos resulting in income before tax of 252,934 pesos. The net income was 252,347 pesos after deducting income tax of 587 pesos.

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Kelvin Jay Sebastian Sapla
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49 views3 pages

Quarter 1st Quarter 45,000.00 2nd Quarter 48,300.00 3rd Quarter 53,333.33 4th Quarter 57,025.00

This income statement summarizes the revenues and expenses for Jimmy Capa for the year ending December 31, 2019. Total gross sales were 203,658 pesos with gross income of 146,634 pesos after deducting cost of sales. Total gross revenue including other income was 302,634 pesos. Total operating expenses were 49,700 pesos resulting in income before tax of 252,934 pesos. The net income was 252,347 pesos after deducting income tax of 587 pesos.

Uploaded by

Kelvin Jay Sebastian Sapla
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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quarter

1st quarter 45,000.00


2nd quarter 48,300.00
3rd quarter 53,333.33
4th quarter 57,025.00
203,658.33
JIMMY CAPA
INCOME STATEMENT
For the year ended December 31, 2019
(Amounts in Philippine Peso)

2019
GROSS SALES 203,658
LESS: COST OF SALES 57,024
GROSS INCOME 146,634
Add: OTHER INCOME 156,000
TOTAL GROSS REVENUE 302,634

LESS: OPERATING EXPENSES


Communication, Light and Water 8,500
Depreciation 6,200
Miscellaneous 3,500
Rental 24,000
Salary and Allowances 4,500
Taxes and Allowances 500
Transportation & Travel 2,500
TOTAL OPERATING EXPENSE 49,700

INCOME BEFORE TAX 252,934


Less: INCOME TAX (587)
NET INCOME 252,347

PROVISION FOR INCOME TAX COMPUTATION ###


Income before income tax
Tax on:
First P250,000
In excess of P250,000 at 20% 587
INCOME TAX 587

INCOME TAX PAYABLE COMPUTATION


Provision for Income tax 587
Less: 2307 for the year
tax paid 1st to 3rd Qtr -
Income Tax Still Due 587

###
Certified correct: ###
###
###
JIMMY CAPA
Taxpayer
JIMMY CAPA
BALANCE SHEET
For the year ended December 31, 2019
(Amount in Philippine Peso)

2019

ASSETS

Current Assets
Cash on Hand and in Bank 90,000
Merchandise Inventory 45,000
Receivable 25,000
Total Current Assets 160,000

Non-Current Assets
Property and Equipment 115,500
Other Noncurrent Asset 47,434
Total Non-Current Assets 162,934

TOTAL ASSETS 322,934

LIABILITIES & OWNERS' EQUITY

Current Liabilities
Trade & Other Payables 75,000
Income Tax Payable 587
Total Current Liabilities 75,587

Owner's Equity
Capital Beginning 65,000
Net Income 252,347
Withdrawals (70,000)
Total Stockholders' Equity 247,347

TOTAL LIABILITIES & OWNERS' EQUITY 322,934

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