Educator's Training and Assessment CenterIncome StatementDecember 31, 2018Revenue:PHP 9,033,305-PHP 580,000PHP 8,453,305Gross SalesLess: Sales Returns and AllowancesNet SalesCost of Goods Sold:Beginning InventoryAdd: PurchasesPHP 900,000PHP 1,200,500PHP 350,000PHP 245,800Direct LaborIndirect ExpensesCost of Goods Sold1)Gross Profit2)Expenses:AdvertisingCommissionsPHP 78,200PHP 64,000PHP 32,000PHP 305,000PHP 180,200PHP 80,700PHP 982,000PHP 290,000Delivery ExpensesInsuranceOffice ExpensesProfessional FeesProperty TaxesWagesTotal Expenses3)Operating Income4)Gain on Sale of AssetsPHP 123,800Income Before Tax5)-PHP 23,500Less income tax expensesNet Income6)

Income statement: It is a financial statement which shows the income and expenditure of an…

Educator's Training and Assessment Center Income Statement December 31, 2018 Revenue: PHP 9,033,305 -PHP 580,000 PHP 8,453,305 Gross Sales Less: Sales Returns and Allowances Net Sales Cost of Goods Sold: Beginning Inventory Add: Purchases PHP 900,000 PHP 1,200,500 PHP 350,000 PHP 245,800 Direct Labor Indirect Expenses Cost of Goods Sold 1) Gross Profit 2) Expenses: PHP 78,200 PHP 64,000 PHP 32,000 PHP 305,000 PHP 180,200 PHP 80,700 PHP 982,000 PHP 290,000 Advertising Commissions Delivery Expenses Insurance Office Expenses Professional Fees Property Taxes Wages Total Expenses 3) Operating Income Gain on Sale of Assets PHP 123,800 Income Before Tax 5) -PHP 23,500 Less income tax expenses Net Income 6)

Educator's Training and Assessment Center Income Statement December 31, 2018 Revenue: PHP 9,033,305 -PHP 580,000 PHP 8,453,305 Gross Sales Less: Sales Returns and Allowances Net Sales Cost of Goods Sold: Beginning Inventory Add: Purchases PHP 900,000 PHP 1,200,500 PHP 350,000 PHP 245,800 Direct Labor Indirect Expenses Cost of Goods Sold 1) Gross Profit 2) Expenses: PHP 78,200 PHP 64,000 PHP 32,000 PHP 305,000 PHP 180,200 PHP 80,700 PHP 982,000 PHP 290,000 Advertising Commissions Delivery Expenses Insurance Office Expenses Professional Fees Property Taxes Wages Total Expenses 3) Operating Income Gain on Sale of Assets PHP 123,800 Income Before Tax 5) -PHP 23,500 Less income tax expenses Net Income 6)

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.12AMCP

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